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2021 (9) TMI 593 - ITAT JODHPURRevision u/s 263 - As per PCIT deduction of interest and bank commission against income from other sources and there was no income under the head income from other sources and as such the deduction was not allowable u/s. 57 - PCIT directed the AO to reexamine the issue after affording due opportunity of the hearing to the assessee - HELD THAT:- PCIT is also not of the firm view whether the deduction so claimed is correct or not and directed to re examine the issue afresh - AO during the course of the assessment proceedings had duly examined this issue and had found that the funds were used for the purpose of the business carried on under her proprietorship business. The utilization of the these funds in the business is also shown from the Audited Balance Sheet of the business concerns as well as per personal Balance Sheet which were duly examined by the AO during the course of the assessment proceedings. The funds in question are also from the family members, and are duly accepted deposits. The unsecured loans are also genuine and accepted deposits. The payment of interest is also not disputed only the head of income under which such deduction is to be allowed is being disputed - in relation to the query letter issued by the AO reply was duly submitted to the AO on these issues which were raised and filed the detailed replies to all the query raised - PCIT has failed to specify as to how and on what ground the said order is erroneous and how the same is prejudicial to the interest of revenue - order u/s. 263 cannot be sustained as we find that the assessment order passed by the AO cannot be said to be erroneous or prejudicial to the interest of revenue - Decided in favour of assessee.
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