Revisionary jurisdiction u/s. 263 not invocable when AO took legally plausible view: ITAT Ahmedabad

Kiri Industries Ltd. Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act by the Principal CIT erred since AO has taken legally plausible view. Accordingly, order set aside. Facts- The assessee filed the return of income declaring a total income of Rs. Nil. However, AO completed the assessment u/s. 143(3) read with Section 144B determining the assessed income at Rs. 3,37,97,789/-. Later, PCIT was of the view that the AO had erred in not considering the Audit Report, which indicated the inadmissibility of the claimed in...