https://www.taxtmi.com/caselaws?id=449124 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263. The PCIT had set aside the AO's assessment order claiming it was erroneous regarding bad debt deductions and Section 80JJAA claims. ITAT held that AO had conducted adequate inquiries and verification during assessment proceedings. The assessee's revised return was properly examined with supporting evidence. PCIT failed to establish that the assessment order was both erroneous and prejudicial to revenue interests. Following Supreme Court precedents in Shreeji Prints and Malabar Industrial, ITAT ruled that AO's plausible view after detailed verification cannot be considered erroneous. The revision order was quashed and AO's original assessment was restored. en-us Wed, 24 Jan 2024 00:00:00 +0530 Mon, 05 Feb 2024 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449124 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263. The PCIT had set aside the AO's assessment order claiming it was erroneous regarding bad debt deductions and Section 80JJAA claims. ITAT held that AO had conducted adequate inquiries and verification during assessment proceedings. The assessee's revised return was properly examined with supporting evidence. PCIT failed to establish that the assessment order was both erroneous and prejudicial to revenue interests. Following Supreme Court precedents in Shreeji Prints and Malabar Industrial, ITAT ruled that AO's plausible view after detailed verification cannot be considered erroneous. The revision order was quashed and AO's original assessment was restored. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449124