https://www.taxtmi.com/caselaws?id=767256 The ITAT Ahmedabad partially allowed the assessee's appeal against revision u/s 263. The tribunal held that the AO correctly allowed bonus expenses of Rs. 2.02 crores as payment was made before the due date of filing return, satisfying section 43B requirements. However, the tribunal upheld the PCIT's finding regarding unpaid interest on PFC loans of Rs. 17.91 crores, ruling that the AO failed to examine its allowability under section 43B provisions. The tribunal rejected the PCIT's finding on capital grants and consumer contribution write-back, determining no error existed in the AO's assessment on this issue. en-us Fri, 10 Jan 2025 00:00:00 +0530 Thu, 13 Mar 2025 08:35:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767256 The ITAT Ahmedabad partially allowed the assessee's appeal against revision u/s 263. The tribunal held that the AO correctly allowed bonus expenses of Rs. 2.02 crores as payment was made before the due date of filing return, satisfying section 43B requirements. However, the tribunal upheld the PCIT's finding regarding unpaid interest on PFC loans of Rs. 17.91 crores, ruling that the AO failed to examine its allowability under section 43B provisions. The tribunal rejected the PCIT's finding on capital grants and consumer contribution write-back, determining no error existed in the AO's assessment on this issue. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767256