Revision u/s. 263 not justified as AO took plausible view: ITAT Mumbai

National Stock Exchange of India Ltd Vs PCIT Tax-7 (ITAT Mumbai) ITAT Mumbai held that invocation of revisionary proceedings under section 263 of the Income Tax Act not justified since AO has taken plausible view. Accordingly, order passed u/s. 263 set aside and appeal of assessee allowed. Facts- Subsequent to completion of assessment u/s. 143(3) of the Income Tax Act, PCIT initiated revision proceedings u/s. 263 of the Income Tax Act. It was alleged that the assessee has contributed an amount of Rs.170 crore towards Contribution to NSCCL Core Settlement Guarantee Fund (“Core SGF”) and deb...