https://www.taxtmi.com/caselaws?id=412248 The ITAT allowed the appeal of the assessee, finding that the order passed under section 263 lacked merit as the assessment order was not erroneous or prejudicial to the revenue. The ITAT held that the appellant was given proper opportunity to present their case, and the order under section 263 was quashed based on the lack of error or prejudice in the assessment order. Additionally, the deduction claimed by the appellant for interest and bank commission was found allowable as the funds were genuinely invested in the business, resulting in the quashing of the order under section 263. en-us Mon, 06 Sep 2021 00:00:00 +0530 Tue, 14 Sep 2021 08:48:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412248 The ITAT allowed the appeal of the assessee, finding that the order passed under section 263 lacked merit as the assessment order was not erroneous or prejudicial to the revenue. The ITAT held that the appellant was given proper opportunity to present their case, and the order under section 263 was quashed based on the lack of error or prejudice in the assessment order. Additionally, the deduction claimed by the appellant for interest and bank commission was found allowable as the funds were genuinely invested in the business, resulting in the quashing of the order under section 263. Case-Laws Income Tax Mon, 06 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412248