Disagreement over AO’s plausible view does not justify revisionary action

Advertisement Alok Vijawat Vs PCIT (ITAT Jaipur) In the case of Alok Vijawat vs. PCIT, the ITAT Jaipur addressed the validity of the revisionary order passed under Section 263 of the Income Tax Act, 1961. The dispute arose after a survey conducted under Section 133A identified Rs. 76,00,000 as undisclosed income, which was declared as business income in the assessee’s return. While the Assessing Officer (AO) accepted this declaration during scrutiny assessment, the Principal Commissioner of Income Tax (PCIT) deemed the order erroneous and prejudicial to revenue, arguing that the incom...