Banking company's standard asset provisions and syndication fees upheld against revenue's revision challenge under section 263

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....ITAT quashed PCIT's revision order under section 263 regarding disallowance of standard asset provisions under section 36(1)(via), syndication fees for convertible cumulative preference shares under section 37(1) as capital expenditure, and rates expenses under section 40(a). The tribunal held that PCIT failed to establish twin conditions required for section 263 - that AO's order was both erroneous and prejudicial to revenue interest. AO had taken plausible view on issues raised, and assessee's representative provided relevant material establishing order was not erroneous. PCIT cannot exercise revisionary powers merely based on different perspective when original assessment order addressed issues adequately. Following Malabar Industrial Co. Ltd. precedent, revisionary jurisdiction requires satisfaction of both conditions simultaneously, which were not met in this case.....