Adoption of one possible course doesn’t make order erroneous and revision thereon not permissible

Ravindrakumar Hiralal Shah Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that adoption of one of the courses permissible in law which resulted in to loss of revenue cannot be treated as erroneous order and accordingly invocation of revision proceedings u/s 263 unjustifiable. Facts- The case of the assessee was taken for scrutiny assessment and after calling for information by issuing notice under Section143(2) and 142(1) of the Income Tax Act and the assessment has been completed. AO added Rs. 4,48,530/- as the business income and Rs. 2,27,945/- as the speculative profit for the relevant assess...