https://www.taxtmi.com/caselaws?id=767823 ITAT Jaipur allowed the assessee's appeal and quashed the PCIT's revision order u/s 263. The tribunal held that PCIT's action was based solely on audit objections without independent examination, lacking proper satisfaction required for revision. The court ruled that when AO conducts proper inquiry and two views are possible, the assessment order cannot be deemed erroneous or prejudicial to revenue interest. Key issues included excess stock taxation, ESI/PF disallowance, section 14A interest disallowance, and section 10AA deduction claims, all resolved in favor of the assessee. en-us Thu, 26 Dec 2024 00:00:00 +0530 Mon, 24 Mar 2025 12:36:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767823 ITAT Jaipur allowed the assessee's appeal and quashed the PCIT's revision order u/s 263. The tribunal held that PCIT's action was based solely on audit objections without independent examination, lacking proper satisfaction required for revision. The court ruled that when AO conducts proper inquiry and two views are possible, the assessment order cannot be deemed erroneous or prejudicial to revenue interest. Key issues included excess stock taxation, ESI/PF disallowance, section 14A interest disallowance, and section 10AA deduction claims, all resolved in favor of the assessee. Case-Laws Income Tax Thu, 26 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767823