Every error cannot be corrected under section 263: ITAT Chandigarh

Vikram Jain Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that every error is not required to be corrected under Section 263 of the Income Tax Act. Revisionary proceedings u/s. 263 quashed as plausible view taken by the Assessing Officer. Facts- Assessee has filed his return of income for assessment year 2012-13 declaring total income of Rs.7,64,058/-. The assessee has claimed exemption of Long Term Capital Gain under Section 10(38) of the Income Tax Act amounting to Rs.24,66,160/- on sale of shares of M/s Twenty First Century India Ltd. The return was accepted under Section 143(1). Thereafte...