https://www.taxtmi.com/caselaws?id=296477 The Tribunal overturned the revision order by the PCIT under Section 263 of the Income Tax Act, finding that the AO had appropriately examined the relevant details during the assessment and had taken a plausible view. The PCIT's attempt to revise the assessment was deemed impermissible as the AO's actions were based on facts and circumstances of the case. The Tribunal held that the AO's approach was valid, emphasizing that the PCIT cannot substitute his judgment unless the AO's decision is legally unsustainable. Consequently, the assessee's appeal was successful, and the revision order was invalidated. en-us Mon, 17 Jul 2017 00:00:00 +0530 Fri, 23 Jul 2021 08:56:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296477 The Tribunal overturned the revision order by the PCIT under Section 263 of the Income Tax Act, finding that the AO had appropriately examined the relevant details during the assessment and had taken a plausible view. The PCIT's attempt to revise the assessment was deemed impermissible as the AO's actions were based on facts and circumstances of the case. The Tribunal held that the AO's approach was valid, emphasizing that the PCIT cannot substitute his judgment unless the AO's decision is legally unsustainable. Consequently, the assessee's appeal was successful, and the revision order was invalidated. Case-Laws Income Tax Mon, 17 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296477