https://www.taxtmi.com/caselaws?id=768414 ITAT Mumbai allowed the appeal against PCIT's revision order under section 263. The PCIT had held that AO's allowance of contribution to Core SGF was erroneous as it constituted a contingent liability not deductible under section 37. However, ITAT found that AO had properly inquired into the matter during assessment proceedings. The Tribunal relied on its own precedent in assessee's case, holding that statutory contribution to Core SGF is allowable under section 37(1) as business expenditure for stock exchange operations. Since AO's view was plausible and supported by Tribunal precedent, PCIT's revision was unjustified. en-us Thu, 03 Apr 2025 00:00:00 +0530 Mon, 07 Apr 2025 08:32:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768414 ITAT Mumbai allowed the appeal against PCIT's revision order under section 263. The PCIT had held that AO's allowance of contribution to Core SGF was erroneous as it constituted a contingent liability not deductible under section 37. However, ITAT found that AO had properly inquired into the matter during assessment proceedings. The Tribunal relied on its own precedent in assessee's case, holding that statutory contribution to Core SGF is allowable under section 37(1) as business expenditure for stock exchange operations. Since AO's view was plausible and supported by Tribunal precedent, PCIT's revision was unjustified. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768414