https://www.taxtmi.com/caselaws?id=418411 The Tribunal held that the assessment order passed under section 143(3) was not erroneous or prejudicial to the interest of the revenue, leading to the quashing of the PCIT's order under section 263. However, the Tribunal upheld the PCIT's view that the interest paid on the loan borrowed from HSBC Invest Direct Financial Services [India] Ltd. could not be allowed as a deduction under section 57(iii) against the interest earned from mutual funds. Consequently, the appeals of the assessees were dismissed. en-us Mon, 14 Feb 2022 00:00:00 +0530 Wed, 16 Feb 2022 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418411 The Tribunal held that the assessment order passed under section 143(3) was not erroneous or prejudicial to the interest of the revenue, leading to the quashing of the PCIT's order under section 263. However, the Tribunal upheld the PCIT's view that the interest paid on the loan borrowed from HSBC Invest Direct Financial Services [India] Ltd. could not be allowed as a deduction under section 57(iii) against the interest earned from mutual funds. Consequently, the appeals of the assessees were dismissed. Case-Laws Income Tax Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418411