https://www.taxtmi.com/caselaws?id=766057 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263 regarding disallowance of bogus losses on steel scrap sale. The tribunal held that AO had conducted adequate inquiry by questioning the assessee and recording replies, then took a legally plausible view based on facts. PCIT cannot substitute his judgment merely due to different opinion unless the assessment order is wholly erroneous. Section 263 does not permit revision where proper inquiry was conducted and reasonable view was taken. en-us Wed, 12 Feb 2025 00:00:00 +0530 Mon, 17 Feb 2025 08:48:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766057 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263 regarding disallowance of bogus losses on steel scrap sale. The tribunal held that AO had conducted adequate inquiry by questioning the assessee and recording replies, then took a legally plausible view based on facts. PCIT cannot substitute his judgment merely due to different opinion unless the assessment order is wholly erroneous. Section 263 does not permit revision where proper inquiry was conducted and reasonable view was taken. Case-Laws Income Tax Wed, 12 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766057