https://www.taxtmi.com/caselaws?id=772823 The ITAT Delhi allowed the assessee's appeal against PCIT's revision order under Section 263. The assessee, a statutory body under UP Industrial Area Development Act 1976, had given advances to government entities for developmental works. PCIT erroneously treated these trade advances as loans requiring interest examination. The ITAT held that AO had properly enquired into the advances and was satisfied with explanations provided. The advances were non-interest bearing trade advances made to execute statutory developmental works, not loans. PCIT's revision was invalid as adequate enquiry was conducted by AO. en-us Wed, 12 Mar 2025 00:00:00 +0530 Sat, 14 Jun 2025 06:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772823 The ITAT Delhi allowed the assessee's appeal against PCIT's revision order under Section 263. The assessee, a statutory body under UP Industrial Area Development Act 1976, had given advances to government entities for developmental works. PCIT erroneously treated these trade advances as loans requiring interest examination. The ITAT held that AO had properly enquired into the advances and was satisfied with explanations provided. The advances were non-interest bearing trade advances made to execute statutory developmental works, not loans. PCIT's revision was invalid as adequate enquiry was conducted by AO. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772823