https://www.taxtmi.com/caselaws?id=777407 ITAT MUMBAI - AT allowed the assessee's appeal, holding that the AO had properly inquired into and verified interest deductions claimed under s.57(iii), examined bank transactions and documentary evidence, and reasonably concluded the interest was incurred wholly and exclusively for earning income from loans advanced. The PCIT's invocation of s.263 was unwarranted because the record showed application of mind and a plausible view by the AO; a mere difference of opinion did not establish a jurisdictional defect in the assessment. en-us Thu, 31 Jul 2025 00:00:00 +0530 Thu, 06 Aug 2026 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777407 ITAT MUMBAI - AT allowed the assessee's appeal, holding that the AO had properly inquired into and verified interest deductions claimed under s.57(iii), examined bank transactions and documentary evidence, and reasonably concluded the interest was incurred wholly and exclusively for earning income from loans advanced. The PCIT's invocation of s.263 was unwarranted because the record showed application of mind and a plausible view by the AO; a mere difference of opinion did not establish a jurisdictional defect in the assessment. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777407