https://www.taxtmi.com/caselaws?id=773333 ITAT Jaipur quashed PCIT's revision order u/s 263 regarding disallowances for standard asset provisions, syndication fees for convertible preference shares, and rates expenses. The tribunal held that both twin conditions under section 263 were not satisfied - the AO's order was neither erroneous nor prejudicial to revenue interest. The AO had taken a plausible view on the issues, and the assessee provided relevant material establishing the order's correctness. PCIT cannot exercise revisionary powers merely due to different perspective when AO's view is reasonable and not prejudicial to revenue. en-us Fri, 13 Dec 2024 00:00:00 +0530 Sat, 21 Jun 2025 08:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773333 ITAT Jaipur quashed PCIT's revision order u/s 263 regarding disallowances for standard asset provisions, syndication fees for convertible preference shares, and rates expenses. The tribunal held that both twin conditions under section 263 were not satisfied - the AO's order was neither erroneous nor prejudicial to revenue interest. The AO had taken a plausible view on the issues, and the assessee provided relevant material establishing the order's correctness. PCIT cannot exercise revisionary powers merely due to different perspective when AO's view is reasonable and not prejudicial to revenue. Case-Laws Income Tax Fri, 13 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773333