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No revision u/s 263 if AO’s view on the issue was a plausible view
Case Law Details
- Case Name
- Madurai Power –Corporation Pvt. Ltd. Vs PCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Chennai
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Madurai Power –Corporation Pvt. Ltd. Vs PCIT (ITAT Chennai)
Conclusion: AO while passing the re-assessment order u/s.147 did apply his mind to the issue and had accepted the claim of the assessee being satisfied with the explanation given by it during re-assessment proceedings. In such a scenario, the action of the AO couldn’t be held to be a view taken without enquiry or without application of mind. PCIT couldn’t substitute his views with that of the AO, if the AO’s view on the issue was a plausible view.
Held: AO had raised queries on two issues i.e. (i) assessee claimed only 15% dep...
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