ITAT Surat quashes Section 263 revision as AO’s view was legally sustainable

Ajay Kalishchandra Bohra Vs PCIT (ITAT Surat) In the case of Ajay Kalishchandra Bohra vs. PCIT (ITAT Surat), the Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, quashing the Principal Commissioner of Income Tax’s (PCIT) revision order under Section 263 of the Income Tax Act. The case arose after the PCIT challenged the re-assessment order passed by the Assessing Officer (AO) for the assessment year 2017-18. The AO had accepted the assessee’s explanation regarding transactions with Unique Polypack, which were initially questioned due to claims of bogus purchases...