TMI BlogRevision u/s 263 by CIT - assessee while arriving at the balances of capital of the partners in the...Revision u/s 263 by CIT - assessee while arriving at the balances of capital of the partners in the assessee firm, incorrectly took the share of loss in the aforesaid JVs as share of profit. It is quite understandable that interest on the partners’ capital balance must have been calculated on the figure including this wrong treatment. The apprehension of Ld. Pr. CIT that excessive interest has been claimed on the closing balances of capital of partners which includes this claim on account of ina..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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