https://www.taxtmi.com/caselaws?id=771931 ITAT Ahmedabad dismissed the assessee's appeal challenging PCIT's revision order u/s 263. The AO had treated unsecured loans as non-genuine and added them to income but failed to disallow corresponding interest expenses claimed by the assessee. PCIT correctly found the assessment order erroneous and prejudicial to revenue for not disallowing interest on loans already deemed ingenuine. The tribunal held PCIT's jurisdiction u/s 263 was properly exercised as the error was evident from records without requiring detailed examination. en-us Thu, 08 May 2025 00:00:00 +0530 Mon, 02 Jun 2025 08:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771931 ITAT Ahmedabad dismissed the assessee's appeal challenging PCIT's revision order u/s 263. The AO had treated unsecured loans as non-genuine and added them to income but failed to disallow corresponding interest expenses claimed by the assessee. PCIT correctly found the assessment order erroneous and prejudicial to revenue for not disallowing interest on loans already deemed ingenuine. The tribunal held PCIT's jurisdiction u/s 263 was properly exercised as the error was evident from records without requiring detailed examination. Case-Laws Income Tax Thu, 08 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771931