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High Interest Paid to Lenders a Commercial Decision, Not Ground for Section 263 Action
Case Law Details
- Case Name
- Professional Artist Cosmetics LLP Vs PCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Mumbai
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Professional Artist Cosmetics LLP Vs PCIT (ITAT Mumbai)
High Interest Paid to Lenders a Commercial Decision, Not Ground for Section 263 Action- Once AO Inquired Applied Mind, Revision u/s 263 Not Permissible- PCIT Cannot Revise Just for Different Opinion
The appeal by Professional Artist Cosmetics LLP challenged revisionary order u/s 263 passed by PCIT, whereby assessment u/s 143(3) dated 02.12.2022 was set aside for re-verification of unsecured loans & interest payments.
Assessee, engaged in manufacture & trading of cosmetics, had filed ROI declaring ₹89.90 lakh. AO conducted detail...
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