https://www.taxtmi.com/caselaws?id=464647 ITAT PUNE - AT allowed the taxpayer's appeal, holding the PCIT's revision under s.263 unsustainable. During survey the taxpayer disclosed excess stock and paid tax after adjusting dead stock; the AO examined the issue and assessed income at normal rates while applying s.115BBE to dead stock. The Tribunal found the assessment was a plausible, reasoned view and not "erroneous" or prejudicial to revenue under amended s.263 (Explanation 2), so the PCIT could not substitute its conclusion. The revisional order was set aside. en-us Wed, 05 Feb 2025 00:00:00 +0530 Fri, 07 Nov 2025 20:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464647 ITAT PUNE - AT allowed the taxpayer's appeal, holding the PCIT's revision under s.263 unsustainable. During survey the taxpayer disclosed excess stock and paid tax after adjusting dead stock; the AO examined the issue and assessed income at normal rates while applying s.115BBE to dead stock. The Tribunal found the assessment was a plausible, reasoned view and not "erroneous" or prejudicial to revenue under amended s.263 (Explanation 2), so the PCIT could not substitute its conclusion. The revisional order was set aside. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464647