Revisionary jurisdiction not sustained as AO took plausible and legally valid view: ITAT Ahmedabad

Aadhya Infrastructure Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that revisionary jurisdiction under section 263 of the Income Tax Act cannot be invoked as AO exercised a plausible and legally valid view and revisionary jurisdiction cannot be invoked merely because PCIT holds a different view. Facts- During the survey, the respective partners of the firms admitted undisclosed income arising from unrecorded receipts. These amounts were included in their respective returns of income. The case of both the assessee-firms was selected for scrutiny assessment, and the AO passed orders accepting th...