https://www.taxtmi.com/caselaws?id=219792 The appellate court ruled in favor of the appellant, holding that the CIT under Section 263 cannot substitute its views for those of the AO. The court emphasized the importance of the AO's legally permissible views and restricted the CIT's revisionary powers. The decision favored the appellant for the assessment years 2005-06 and 2006-07, with appeals allowed for both years. en-us Tue, 05 Jun 2012 00:00:00 +0530 Mon, 17 Dec 2012 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219792 The appellate court ruled in favor of the appellant, holding that the CIT under Section 263 cannot substitute its views for those of the AO. The court emphasized the importance of the AO's legally permissible views and restricted the CIT's revisionary powers. The decision favored the appellant for the assessment years 2005-06 and 2006-07, with appeals allowed for both years. Case-Laws Income Tax Tue, 05 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219792