Section 263 cannot be Invoked if AO Adopted One of Two Plausible Views

Sukhwani Developers Vs Pr. CIT (Central) (ITAT Pune) ITAT held that when two views are legally possible and Assessing Officer adopts one view the Assessment Order cannot be said to be erroneous for the CIT to invoke jurisdiction u/s.263 of the Act. The other issue on which the Ld.Pr.CIT has invoked Section 263 is that according to the Ld.Pr.CIT the Annual Letting Value of completed stock of Project Elmwood should have been added to the income of the assessee in the light of decision of Hon’ble Delhi High Court in the case of Ansal Housing and Finance 354 ITR 180. Ld.Pr.CIT is of the opinion...