https://www.taxtmi.com/caselaws?id=405712 The Tribunal set aside the PCIT's order under Section 263 of the Income Tax Act, restoring the assessment order passed by the AO. The Tribunal found that the AO had adequately examined the forfaiting charges and their classification, determining that the assessment order was neither erroneous nor prejudicial to revenue. The Tribunal agreed with the assessee's position on the classification of forfaiting charges as revenue expenditure post-commencement of business operations. As a result, the appeal was allowed in favor of the assessee, with the order pronounced on 07.01.2021. en-us Thu, 07 Jan 2021 00:00:00 +0530 Fri, 26 Mar 2021 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405712 The Tribunal set aside the PCIT's order under Section 263 of the Income Tax Act, restoring the assessment order passed by the AO. The Tribunal found that the AO had adequately examined the forfaiting charges and their classification, determining that the assessment order was neither erroneous nor prejudicial to revenue. The Tribunal agreed with the assessee's position on the classification of forfaiting charges as revenue expenditure post-commencement of business operations. As a result, the appeal was allowed in favor of the assessee, with the order pronounced on 07.01.2021. Case-Laws Income Tax Thu, 07 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405712