https://www.taxtmi.com/caselaws?id=446097 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding interest expenses and loan genuineness examination. The tribunal found that AO had already disallowed interest expenses, negating the first ground for revision. On the second issue concerning genuineness and creditworthiness of borrowed funds, PCIT failed to provide adequate opportunity of hearing to the assessee before passing the revision order. Since both grounds for revision were unsustainable, the tribunal allowed the assessee's appeal and set aside the PCIT's order. en-us Wed, 06 Sep 2023 00:00:00 +0530 Sat, 25 Nov 2023 06:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446097 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding interest expenses and loan genuineness examination. The tribunal found that AO had already disallowed interest expenses, negating the first ground for revision. On the second issue concerning genuineness and creditworthiness of borrowed funds, PCIT failed to provide adequate opportunity of hearing to the assessee before passing the revision order. Since both grounds for revision were unsustainable, the tribunal allowed the assessee's appeal and set aside the PCIT's order. Case-Laws Income Tax Wed, 06 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446097