https://www.taxtmi.com/highlights?id=75253 Validity of revision proceedings u/s 263 - Adoption of either of view by AO - allowability under section 36(1)(viia) - The court concludes that the original assessment order was not erroneous or prejudicial to the interest of revenue. It holds that the AO's decision was based on a possible view, and therefore, the revision proceedings initiated by the PCIT under section 263 are deemed invalid. Consequently, the appeal of the assessee is allowed. en-us Wed, 28 Feb 2024 08:36:12 +0530 Wed, 28 Feb 2024 08:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75253 Validity of revision proceedings u/s 263 - Adoption of either of view by AO - allowability under section 36(1)(viia) - The court concludes that the original assessment order was not erroneous or prejudicial to the interest of revenue. It holds that the AO's decision was based on a possible view, and therefore, the revision proceedings initiated by the PCIT under section 263 are deemed invalid. Consequently, the appeal of the assessee is allowed. Highlights Income Tax Wed, 28 Feb 2024 08:36:12 +0530 https://www.taxtmi.com/highlights?id=75253