https://www.taxtmi.com/caselaws?id=773530 ITAT Delhi held that revision under section 263 was not justified where the Assessing Officer had examined the assessee's claim for interest deduction under section 24B and adopted a plausible view after inquiry. The revisional authority relied on alleged nondisclosure of assets and liabilities, use of borrowed funds for other purposes, non-furnishing of loan details, and non-reporting of the property in search proceedings, but the record showed that the property was acquired earlier and that loan documents, the lease deed, bank sanction letters, and the interest certificate had already been filed. As the claim had been specifically considered in assessment and reassessment proceedings, the order was neither inquiry-deficient nor prejudicial to revenue on the facts found, and the revision was quashed. en-us Fri, 20 Jun 2025 00:00:00 +0530 Mon, 23 Jun 2025 13:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773530 ITAT Delhi held that revision under section 263 was not justified where the Assessing Officer had examined the assessee's claim for interest deduction under section 24B and adopted a plausible view after inquiry. The revisional authority relied on alleged nondisclosure of assets and liabilities, use of borrowed funds for other purposes, non-furnishing of loan details, and non-reporting of the property in search proceedings, but the record showed that the property was acquired earlier and that loan documents, the lease deed, bank sanction letters, and the interest certificate had already been filed. As the claim had been specifically considered in assessment and reassessment proceedings, the order was neither inquiry-deficient nor prejudicial to revenue on the facts found, and the revision was quashed. Case-Laws Income Tax Fri, 20 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773530