2025 (7) TMI 29

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Member For the Appellant : Sri. R. Krishnan, CA For the Respondent : Sri. Sundarasan S, CIT-DR ORDER PER PRAKASH CHAND YADAV, JM : The present appeal of the assessee is arising from the order of the Principal Commissioner of Income-tax dated 28th February, 2025 and relates to the assessment year 2020-2021. 2. Brief facts of the case as coming out from the orders of the authoritie....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s of the assessee held that the order of the AO is erroneous and prejudicial to the interest of the revenue inasmuch as the AO has not inquired on the interest claimed by the assessee. It is the case of the Revenue that the assessee has claimed the payment of interest of loan as business expenses. The observations of the PCIT were that loan taken by the assessee has not been utilized for the purpo....