Chennai ITAT Quashes Revision Section 263 for No Error in AO’s Assessment

City Union Bank Vs PCIT (ITAT Chennai) No 263 When AO Took a Plausible View: Chennai ITAT Quashes PCIT’s Revision in City Union Bank Case Chennai ITAT ‘C’ Bench allowed the appeal of City Union Bank for AY 2018-19 and set aside the revision order passed u/s 263 by PCIT, Madurai. Tribunal held that the Assessing Officer had raised specific queries u/s 142(1) & 143(2), examined details, and consciously allowed the claims, including deductions u/s 36(1)(vii), 36(1)(viia) and ESOS expenditure. It was observed that this was not a case of lack of enquiry but at best of alleged inadequate e...