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Revision u/s. 263 not sustained as possible alternative view taken by AO
Case Law Details
- Case Name
- Cholamandalam MS General Insurance Company Limited Vs PCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Chennai
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Cholamandalam MS General Insurance Company Limited Vs PCIT (ITAT Chennai)
ITAT Chennai held once the AO has conducted inquiry, examined replies and adopted a legally sustainable view, the same cannot be treated as erroneous. Accordingly, invocation of revisionary jurisdiction under section 263 of the Income Tax Act is not sustainable in law.
Facts- PCIT invoked the provisions u/s. 263 of the Act and issued show cause notice dated 27.09.2024 and sought to set aside the Assessment order regarding the issue of ‘Provision for IBNR/IBNER’, ‘Deduction u/s. 80G of the Act’ a...
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