Reasonable view of AO cannot be displaced in revisionary proceedings by any untenable or debatable view

Anil Rambhai Mevada Vs PCIT (ITAT Ahmedabad) Facts- The assessee, an individual, filed its original ROI for A.Y. 2015-16 declaring a total income of Rs.14,89,200/-. The case was selected for scrutiny through CASS under ‘limited scrutiny’ category. As per the scrutiny notice, the case was selected for examination of following issues:- 1) Whether capital gain/loss on sale of property has been correctly shown in the return of income. 2) Whether deduction from capital gains have been claimed correctly. The assessee, in the course of regular assessment, filed revised computation of income and w...