PCIT Cannot set aside Assessment Order Solely Based on Differing Opinion

Shanti Multilink Pvt. Ltd. Vs PCIT (ITAT Ahmedabad) Introduction: The Income Tax Appellate Tribunal (ITAT) of Ahmedabad recently delivered a significant verdict in the case of Shanti Multilink Pvt. Ltd. Vs PCIT. This article delves into the central question: whether PCIT can set aside an assessment order solely based on a difference of opinion. Background of the Case: Shanti Multilink Pvt. Ltd. contested against an order passed by the Principal Commissioner of Income Tax, PCIT Vadodara-3, under section 263 for the assessment year 2016-17. The primary concern revolved around the allowability of...