AO’s Plausible View Cannot Be Replaced by PCIT’s Suspicion – ITAT Quashes Revision

Anil Kumar Batar Vs PCIT (ITAT Jaipur) No Second Chance for Fishing Enquiry- AO’s Plausible View Cannot Be Replaced by PCIT’s Suspicion- PCIT Cannot Step into AO’s Shoes: Jaipur Tribunal Quashes Revision Background Original assessment completed u/s 147 r.w.s. 144B on 18.03.2023 at returned income of ₹19,89,250. Issue: During survey, it was found that Matrix JEE Academy (tenant) had allegedly paid ₹75,00,000 cash advance to assessee for building construction. AO in reassessment proceedings (u/s 148) considered assessee’s replies, accepted declared income, & made no addition on ...