https://www.taxtmi.com/caselaws?id=429411 The Tribunal allowed the appeal filed by the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT). The Tribunal held that the PCIT failed to properly examine the non-charging of interest on loans given by the assessee and did not consider the binding decision of the Hon'ble Bombay High Court. It was concluded that the assessment order was not erroneous, emphasizing the necessity of conducting thorough enquiries before deeming an assessment order prejudicial to revenue interests. en-us Fri, 30 Sep 2022 00:00:00 +0530 Fri, 28 Oct 2022 09:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429411 The Tribunal allowed the appeal filed by the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax (PCIT). The Tribunal held that the PCIT failed to properly examine the non-charging of interest on loans given by the assessee and did not consider the binding decision of the Hon'ble Bombay High Court. It was concluded that the assessment order was not erroneous, emphasizing the necessity of conducting thorough enquiries before deeming an assessment order prejudicial to revenue interests. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429411