The tribunal found that the Assessing Officer had adequately examined the borrowing and confirmed that it did not attract interest
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) ruled that the Principal Commissioner of Income Tax’s (PCIT) action under Section 263 was invalid as it constituted an impermissible second opinion for the Assessment Year(AY) 2018-19. Black Rock Financial Services Pvt. Ltd.,the appellant-assessee,filed its return of income for the Assessment Year 2018-19 on 06.09.2018, reporting…
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