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

Jaguar Services Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that the view taken by AO was a plausible view and the same cannot be subjected to revision under Section 263 of the Act merely for the reasons that PCIT does not agree with the same. Accordingly, appeal of assessee allowed. Facts- Assessee, a private limited company, was engaged in the business of business of advertising and trading of PVC and its derivatives (import and domestic sale). Re­assessment proceedings u/s. 147 of the Act were initiated on the premise that the Assessee is one of the beneficiaries of accommodatio...