PCIT Cannot Invoke Section 263 When AO Took a Plausible View After Verification of Goodwill Claim

Viacom 18 Media Pvt. Ltd Vs PCIT (ITAT Mumbai) The appeal before the Mumbai Bench of the Income Tax Appellate Tribunal arose from a revisionary order passed under section 263 of the Income Tax Act, 1961. The Principal Commissioner of Income Tax invoked revisionary jurisdiction on the ground that the assessment order was erroneous and prejudicial to the interests of the Revenue. The assessment year involved was 2019–20. The assessee had filed its return of income declaring a loss. The return was selected for scrutiny, and statutory notices were issued. During assessment proceedings, the Asse...