Held that after examination, the Assessing Officer had disallowed the interest expenses to the tune of Rs.7,92,27,335/-. Once the Assessing Officer had examined the issue and had taken a possible view, the assessment was not liable to be reviewed. Revisional powers could not be invoked for the assumption of lack of inquiry.(AY. 2015-16)
Niagara Financial Consultants Pvt. Ltd. v. PCIT (2022) 94 ITR 24 (SN) (Mum.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest on borrowed capital-Loans utilised for purchase of properties and assets-Revision is held to be not valid. [S. 36(1)(iii)]