Revision u/s. 263 not sustained as possible alternative view taken by AO

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’ and ‘Write-off o...