Revisional jurisdiction u/s 263 not invocable merely because PCIT may entertain different view

Cricket Club of India Pvt. Ltd. Vs PCIT (ITAT Mumbai) ITAT Mumbai held that AO took the plausible view of granting the benefit of mutuality after due application of mind. Accordingly, revisional jurisdiction u/s 263 cannot be invoked merely because PCIT may entertain a different view in the matter. Facts- The assessment of the assessee was completed by AO u/s 143(3). Subsequently, the PCIT noted that the Appellant’s claim that the Appellant is a mutual concern and therefore, its income is not chargeable to tax on principle of mutuality had been accepted year after year, the Commissioner of I...