https://www.taxtmi.com/caselaws?id=781348 ITAT KOLKATA (AT) held that revision under s.263 was invalidly invoked and allowed the taxpayer's appeal. The AO had obtained information, considered the assessee's explanation regarding shares acquired below market value under s.56(2)(x)(c) and taken a plausible view; there was no demonstrable error rendering the assessment prejudicial to Revenue. The PCIT failed to establish abject failure or lapse by the AO. Citing SC authority that where two views are possible the AO's view cannot be overturned as erroneous, the tribunal sustained the original assessment. en-us Tue, 11 Nov 2025 00:00:00 +0530 Fri, 14 Nov 2025 09:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781348 ITAT KOLKATA (AT) held that revision under s.263 was invalidly invoked and allowed the taxpayer's appeal. The AO had obtained information, considered the assessee's explanation regarding shares acquired below market value under s.56(2)(x)(c) and taken a plausible view; there was no demonstrable error rendering the assessment prejudicial to Revenue. The PCIT failed to establish abject failure or lapse by the AO. Citing SC authority that where two views are possible the AO's view cannot be overturned as erroneous, the tribunal sustained the original assessment. Case-Laws Income Tax Tue, 11 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781348