Deduction of Interest u/s. 24(b) based on Wrong Assumption of facts and Applying Incorrect Law: ITAT upholds Review u/s 263 [Read Order]

Deduction - Interest - section 24(b) - Wrong Assumption - Incorrect Law - ITAT - section 263 - Taxscan

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that deduction of interest under section 24(b) based on the wrong assumption of facts and applying incorrect law and upholds review under section 263. The appellant, Michelle Y. Poonawalla is an individual and engaged in managing the family business. The appellant filed a return of…

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