https://www.taxtmi.com/caselaws?id=314512 ITAT Kolkata allowed the assessee's appeal and quashed the PCIT's order under section 263. The tribunal held that the PCIT failed to establish that the AO's order was erroneous and prejudicial to revenue interest. The AO had examined the issues regarding speculative business treatment and carrying forward business losses, called for details from the assessee, and taken a plausible view after proper inquiry. The tribunal ruled that when the AO takes a plausible view, the PCIT cannot invoke section 263 merely because they disagree with the assessment approach. en-us Thu, 30 Nov 2023 00:00:00 +0530 Sat, 15 Jun 2024 08:23:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314512 ITAT Kolkata allowed the assessee's appeal and quashed the PCIT's order under section 263. The tribunal held that the PCIT failed to establish that the AO's order was erroneous and prejudicial to revenue interest. The AO had examined the issues regarding speculative business treatment and carrying forward business losses, called for details from the assessee, and taken a plausible view after proper inquiry. The tribunal ruled that when the AO takes a plausible view, the PCIT cannot invoke section 263 merely because they disagree with the assessment approach. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314512