Revision U/s. 263 cannot be done if AO has taken Plausible view resulting in revenue loss

Agasthiya Granite (P) Ltd. Vs ACIT (Madras High Court) Every loss of revenue as a consequence of an order of the assessing officer cannot be treated as prejudicial to the interest of the Revenue. The Hon’ble Supreme Court, by way of illustration, pointed out that when the income tax officer adopted one of the courses permissible in law and it has resulted in loss of revenue; or where two views are possible and the income tax officer has taken one view with which the Commissioner of Income Tax does not agree, it cannot be treated as an erroneous order p...