https://www.taxtmi.com/caselaws?id=441046 The ITAT allowed the appeal filed by the assessee, finding that the assessment order framed under section 263 of the Income Tax Act was not erroneous and prejudicial to the interest of revenue. The ITAT held that the AO had taken a plausible view during the original assessment, and as per legal precedent, such view cannot render the assessment order erroneous. Therefore, the ITAT quashed the order under section 263, ruling in favor of the assessee. en-us Fri, 30 Jun 2023 00:00:00 +0530 Mon, 31 Jul 2023 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441046 The ITAT allowed the appeal filed by the assessee, finding that the assessment order framed under section 263 of the Income Tax Act was not erroneous and prejudicial to the interest of revenue. The ITAT held that the AO had taken a plausible view during the original assessment, and as per legal precedent, such view cannot render the assessment order erroneous. Therefore, the ITAT quashed the order under section 263, ruling in favor of the assessee. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441046