CIT cannot revoke section 263 when AO adopts one view out of two possible views : HC

Brief of the Case Bombay High court held In the case of M/s Vijay Udhyog vs. CIT that where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263. Also none of the clauses of section 80I(2)(i) to (iv) prohibit the assessee from taking other industrial undertakings on hire and use it for the purpose of manufacturing activity. Facts of the Case Assessee was a partnership firm carrying on business of manufacturing of pulses. It engaged a party for crushing of the raw material at a fixed rate per quintal. It was agreed that Asses...