Every error cannot be corrected under section 263: ITAT Chandigarh

Advertisement Vikram Jain Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that every error is not required to be corrected under Section 263 of the Income Tax Act. Revisionary proceedings u/s. 263 quashed as plausible view taken by the Assessing Officer. Facts- Assessee has filed his return of income for assessment year 2012-13 declaring total income of Rs.7,64,058/-. The assessee has claimed exemption of Long Term Capital Gain under Section 10(38) of the Income Tax Act amounting to Rs.24,66,160/- on sale of shares of M/s Twenty First Century India Ltd. The return was accepted under Section ...