Revision u/s. 263 quashed as AO conducted detailed enquiry and took legally permissible view

Pune Zilha Madhyawarti Sahakari Vs PCIT (ITAT Pune)

ITAT Pune held that revisionary order under section 263 of the Income Tax Act is liable to be quashed as AO conducted detailed enquiry and after proper application of mind has taken one of the view legally permissible and concluded the assessment. Accordingly, appeal allowed.

Facts- The assessee is a Cooperative Society. Post scrutiny assessment, PCIT examined the assessment record and under the provisions of section 263 of the Act issued a show cause notice to the assessee on 18.02.2025 mainly on the issue

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