https://www.taxtmi.com/caselaws?id=777237 ITAT AHMEDABAD upheld the PCIT's revision under s.263, finding the AO's assessment erroneous and prejudicial to revenue for failing to disallow interest expense claimed against remuneration and interest on capital received as a partner. The AO had examined and disallowed interest under "other sources" but did not properly examine interest claimed under "business income"; PCIT rightly invoked s.263 to rectify that omission. The PCIT's order under s.263 was sustained and the assessee's appeal was dismissed. en-us Fri, 10 Jan 2025 00:00:00 +0530 Mon, 25 Aug 2025 17:47:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777237 ITAT AHMEDABAD upheld the PCIT's revision under s.263, finding the AO's assessment erroneous and prejudicial to revenue for failing to disallow interest expense claimed against remuneration and interest on capital received as a partner. The AO had examined and disallowed interest under "other sources" but did not properly examine interest claimed under "business income"; PCIT rightly invoked s.263 to rectify that omission. The PCIT's order under s.263 was sustained and the assessee's appeal was dismissed. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777237