Revision proceeding u/s. 263 quashed as AO has taken plausible view

Ocean Sparkle Limited Vs DCIT (ITAT Hyderabad) ITAT Hyderabad held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act unsustainable since AO has taken plausible view. Accordingly, assessment order is neither erroneous nor prejudicial hence revision order quashed. Facts- The assessee company viz., M/s. Ocean Sparkle Limited, is involved in towage, berthing and un-berthing of ships, tug operations, comprehensive port management services and related services. Post completion of complete scrutiny, the case was taken up for revision proceedings by PCIT under secti...