High Court's Legal Proposition Effective from Start; Pr. CIT's Revision u/s 263 Deemed Unjustified Due to AO's Valid View.

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....Revision u/s 263 - It is settled principle of law that once the High Court lays down particular the proposition of law, the same is deemed to be in existence from the inception. Fact would clearly suggest that there was no material on record to hold that the legal and professional expenses are not allowable as revenue expenditure. AO only took one of the possible views and, therefore, the Pr. CIT was not justified in exercising the power of revision - AT....