https://www.taxtmi.com/caselaws?id=424929 The Tribunal ruled in favor of the assessee in an appeal against the Principal Commissioner of Income Tax's order under Section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer's assessment was not erroneous, quashing the order to disallow proportionate interest on interest-free advances. The Tribunal also dismissed concerns about the limitation on passing the order under Section 263 and upheld the assessee's position on the utilization of interest-free advances to reduce interest costs, ultimately allowing the appeal in favor of the assessee. en-us Tue, 28 Jun 2022 00:00:00 +0530 Tue, 12 Jul 2022 09:14:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424929 The Tribunal ruled in favor of the assessee in an appeal against the Principal Commissioner of Income Tax's order under Section 263 of the Income Tax Act. The Tribunal found that the Assessing Officer's assessment was not erroneous, quashing the order to disallow proportionate interest on interest-free advances. The Tribunal also dismissed concerns about the limitation on passing the order under Section 263 and upheld the assessee's position on the utilization of interest-free advances to reduce interest costs, ultimately allowing the appeal in favor of the assessee. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424929