https://www.taxtmi.com/caselaws?id=757161 ITAT Mumbai held that Pr.CIT's revision u/s 263 regarding deduction u/s 36(1)(iii) was unjustified. The AO had called for information on interest expenses, loans and advances, and accounting methods, demonstrating application of mind. The AO's decision represented one possible view based on available information. Since the AO conducted verification and enquiry, and the assessee responded to queries raised, the twin conditions of being erroneous and prejudicial to revenue were not satisfied. ITAT set aside Pr.CIT's order and allowed the appeal. en-us Wed, 31 Jan 2024 00:00:00 +0530 Sat, 17 Aug 2024 08:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757161 ITAT Mumbai held that Pr.CIT's revision u/s 263 regarding deduction u/s 36(1)(iii) was unjustified. The AO had called for information on interest expenses, loans and advances, and accounting methods, demonstrating application of mind. The AO's decision represented one possible view based on available information. Since the AO conducted verification and enquiry, and the assessee responded to queries raised, the twin conditions of being erroneous and prejudicial to revenue were not satisfied. ITAT set aside Pr.CIT's order and allowed the appeal. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757161