Revision under s.263 cannot overturn assessment where AO made enquiries under s.142(1) and applied mind; mere change of opinion insufficient (1)

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....ITAT allowed the appeal, holding that the AO had made requisite enquiries under s.142(1) and conscientiously considered the assessee's explanations regarding foreign remittances and alleged TDS non-deduction. The Tribunal found the assessment to be one of two permissible views and therefore not "erroneous and prejudicial to the interests of revenue" under s.263 merely because the PCIT preferred a different opinion. Invocation of s.263 without identifying specific lacunae in the assessment order was held unjustified. Reliance on binding appellate and HC precedents affirmed that revision cannot be exercised for mere change of opinion where the AO has applied mind; consequent revision was quashed and the appeal was allowed.....