High Interest Paid to Lenders a Commercial Decision, Not Ground for Section 263 Action

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...