Order not erroneous when AO took one possible view

H.T.L Ltd Vs Pr. CIT (ITAT Delhi) Held that in case there are two possible views and the AO has taken one of the possible views, no action to exercise powers of revision can arise. Facts- A revision order u/s. 263 was passed against the assessee by observing that the order was passed without complying with the provisions of section 50C of the Income Tax Act, 1961. According to the Pr. CIT, the Provisions of Section 50C of the Act are deeming provisions and mandatory, failure of Assessing Officer to apply provisions of Section 50C would render assessment order erroneous and prejudicial to the i...