CIT cannot exercise revision power if AO had taken permissible view on the issues

Eveready Industries India Ltd. Vs PCIT (ITAT Kolkata) Conclusion: While passing the assessment order AO had followed the permissible view in law which could not be said to be ‘unsustainable in law’. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were ‘null’ in the eyes of law. Held: In the instant case, it was found that in the show-cause notice SCN, CIT set out seven specific reasons for which he had considered AO’s order...