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ITAT held that revision under s.263 was invalidly invoked where the AO, after obtaining and considering information and the assessee's explanation regarding equity shares acquired below market value under s.56(2)(x)(c), passed an assessment order adopting a plausible view. The Tribunal found the assessment neither erroneous nor prejudicial to the interests of revenue, noting that s.263 jurisdiction requires both error and prejudice to coexist. Where the AO has investigated and taken a tenable view, mere disagreement by the PCIT does not vitiate the assessment unless the AO's view is unsustainable in law or contrary to record. Appeal of the assessee was allowed.
ITAT held that revision under s.263 was invalidly invoked where the AO, after obtaining and considering information and the assessee's explanation regarding equity shares acquired below market value under s.56(2)(x)(c), passed an assessment order adopting a plausible view. The Tribunal found the assessment neither erroneous nor prejudicial to the interests of revenue, noting that s.263 jurisdiction requires both error and prejudice to coexist. Where the AO has investigated and taken a tenable view, mere disagreement by the PCIT does not vitiate the assessment unless the AO's view is unsustainable in law or contrary to record. Appeal of the assessee was allowed.
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