Invocation of revisionary proceedings u/s 263 merely because of non-agreeing to the view of AO is unjustified

Bonjour Estates (P) Ltd. Vs PCIT (ITAT Delhi) ITAT Delhi held that PCIT is not empowered to invoke revisionary proceedings u/s. 263 of the Income Tax Act, merely because he is not agree with the view taken by the AO. Accordingly, revisionary proceedings bad in law. Facts- The ground of appeal relates to validity of revisionary proceedings initiated by Ld. PCIT-1 u/s. 263 of the Income Tax Act 1961. It is submitted that the assessee for A.Y. 2010-11 filed its return of income u/s. 139 of the Act on 24.09.2010 which was processed u/s. 143(1) on 11.02.2011. Subsequently the AO initiated reassessm...