No revision by CIT if AO had taken a possible view

Venkatesh Technokraft Pvt. Ltd. Vs ITO (ITAT Chandigarh) Conclusion: CIT was not justified in exercising his powers under section 263 and considering the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue as AO after appreciating the complete documentary evidences placed on record and applying his mind to the facts of the case, accepted the evidences filed by assessee and had taken a possible view. Held: CIT exercised his revisionary power under section 263 and considered the assessment order passed by AO as erroneous and prejudicial to the interest of th...