https://www.taxtmi.com/caselaws?id=753599 ITAT Indore quashed PCIT's revision order u/s 263 regarding recognition of Nardana Claim-1 and Nardana Claim-2 liabilities under ICDS. The tribunal held that AO had adequately investigated the matter through specific queries and detailed responses from assessee. Since the liabilities were disputed and pending court adjudication during AY 2018-19, income had not accrued until matters attained finality. Even if two views existed on taxability year, AO's favorable view to assessee cannot be termed erroneous-cum-prejudicial. PCIT failed to establish ICDS violation. Assessment order restored, assessee appeal allowed. en-us Fri, 12 Jan 2024 00:00:00 +0530 Wed, 05 Jun 2024 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753599 ITAT Indore quashed PCIT's revision order u/s 263 regarding recognition of Nardana Claim-1 and Nardana Claim-2 liabilities under ICDS. The tribunal held that AO had adequately investigated the matter through specific queries and detailed responses from assessee. Since the liabilities were disputed and pending court adjudication during AY 2018-19, income had not accrued until matters attained finality. Even if two views existed on taxability year, AO's favorable view to assessee cannot be termed erroneous-cum-prejudicial. PCIT failed to establish ICDS violation. Assessment order restored, assessee appeal allowed. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753599