https://www.taxtmi.com/caselaws?id=771504 The ITAT Ahmedabad allowed the assessee's appeal against the Pr.CIT's revision order u/s 263. The Pr.CIT had set aside the NFAC assessment order claiming the AO failed to examine disallowance of interest on loans used for interest-free advances and legal/professional fees discrepancies. The assessee had explained that interest-bearing loans were used for business purposes and the difference in legal fees between P&L account and tax audit report was due to separate classification of items like audit fees and connectivity charges. The ITAT held that the Pr.CIT completely ignored the assessee's explanations without providing reasons for rejection, making the section 263 order improper. The revenue's representative could not identify any infirmity in the assessee's explanation. en-us Wed, 02 Apr 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771504 The ITAT Ahmedabad allowed the assessee's appeal against the Pr.CIT's revision order u/s 263. The Pr.CIT had set aside the NFAC assessment order claiming the AO failed to examine disallowance of interest on loans used for interest-free advances and legal/professional fees discrepancies. The assessee had explained that interest-bearing loans were used for business purposes and the difference in legal fees between P&L account and tax audit report was due to separate classification of items like audit fees and connectivity charges. The ITAT held that the Pr.CIT completely ignored the assessee's explanations without providing reasons for rejection, making the section 263 order improper. The revenue's representative could not identify any infirmity in the assessee's explanation. Case-Laws Income Tax Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771504