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The ITAT allowed the assessee's appeal against revision u/s 263 by the CIT. The AO had rightly allowed deduction u/s 57 after detailed inquiry. The CIT cannot substitute his view for the AO's well-reasoned order. Explanation 2(a) to Sec. 263 does not give unfettered revision powers. The AO's order was not erroneous or prejudicial to revenue interests.
The ITAT allowed the assessee's appeal against revision u/s 263 by the CIT. The AO had rightly allowed deduction u/s 57 after detailed inquiry. The CIT cannot substitute his view for the AO's well-reasoned order. Explanation 2(a) to Sec. 263 does not give unfettered revision powers. The AO's order was not erroneous or prejudicial to revenue interests.
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