PCIT cannot form another view on same issue in which AO already satisfied himself & passed order

Bank of India Vs ACIT (ITAT Mumbai) This Tribunal in A.Y.2014-15 had held the action of the ld. PCIT in invoking revisionary jurisdiction in respect of the impugned issue before us as incorrect and decided the same in favour of the assessee. we notice that ld. PCIT initiated the proceedings under Section 263 of the Act by issuing show cause notice and the reasons mentioned in the show cause notice was that in computing the book profits under Section 115JB of the Act, the profits of foreign branches was wrongly excluded and certain provisions were omitted to be added back, deduction under Secti...