https://www.taxtmi.com/caselaws?id=407467 The Tribunal allowed the assessee's appeal and quashed the revision order by the PCIT under Section 263. It was found that the AO had conducted proper enquiries during the original assessment, and the PCIT's direction to disallow interest on borrowed funds was based on an incorrect assumption about the nature of the assessee's business. The Tribunal emphasized the principle of consistency and concluded that the PCIT's order was erroneous, leading to the quashing of the revision order. en-us Thu, 22 Apr 2021 00:00:00 +0530 Wed, 12 May 2021 08:28:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407467 The Tribunal allowed the assessee's appeal and quashed the revision order by the PCIT under Section 263. It was found that the AO had conducted proper enquiries during the original assessment, and the PCIT's direction to disallow interest on borrowed funds was based on an incorrect assumption about the nature of the assessee's business. The Tribunal emphasized the principle of consistency and concluded that the PCIT's order was erroneous, leading to the quashing of the revision order. Case-Laws Income Tax Thu, 22 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407467