https://www.taxtmi.com/caselaws?id=418453 The Tribunal held that the assessment order was not erroneous or prejudicial to the revenue's interest, rejecting the Principal Commissioner of Income-tax's attempt to revise it under section 263. Additionally, the Tribunal ruled that the interest expenditure on a loan from HSBC Invest Direct Financial Services [India] Ltd. was not deductible under section 57(iii) against interest income from mutual funds, as the borrowed funds were not specifically used to earn the interest income. As a result, the appeal of the assessee was dismissed. en-us Mon, 14 Feb 2022 00:00:00 +0530 Thu, 17 Feb 2022 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418453 The Tribunal held that the assessment order was not erroneous or prejudicial to the revenue's interest, rejecting the Principal Commissioner of Income-tax's attempt to revise it under section 263. Additionally, the Tribunal ruled that the interest expenditure on a loan from HSBC Invest Direct Financial Services [India] Ltd. was not deductible under section 57(iii) against interest income from mutual funds, as the borrowed funds were not specifically used to earn the interest income. As a result, the appeal of the assessee was dismissed. Case-Laws Income Tax Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418453