https://www.taxtmi.com/caselaws?id=778811 ITAT KOLKATA - AT set aside PCIT's revision under s.263, holding the PCIT failed to form a judicious opinion that the assessment under s.143(3) r/w s.144C was erroneous and prejudicial to revenue. The tribunal ruled PCIT cannot invoke revision merely to re-examine issues or disagree with AO's view where two reasonable views exist. AO's acceptance of warranty provisions for PCB sales, supported by prior years and technical estimates, was a tenable view and not erroneous. Revision proceedings were therefore unwarranted and decision rendered in favour of the assessee. en-us Tue, 21 Jan 2025 00:00:00 +0530 Tue, 23 Sep 2025 08:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778811 ITAT KOLKATA - AT set aside PCIT's revision under s.263, holding the PCIT failed to form a judicious opinion that the assessment under s.143(3) r/w s.144C was erroneous and prejudicial to revenue. The tribunal ruled PCIT cannot invoke revision merely to re-examine issues or disagree with AO's view where two reasonable views exist. AO's acceptance of warranty provisions for PCB sales, supported by prior years and technical estimates, was a tenable view and not erroneous. Revision proceedings were therefore unwarranted and decision rendered in favour of the assessee. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778811