Revision u/s. 263 quashed as plausible view taken by AO while granting exemption u/s. 54F

Siddharth Bhasker Shah Vs PCIT (ITAT Mumbai) ITAT Mumbai held that revisionary proceeding under section 263 of the Income Tax Act is liable to be quashed since AO took one of the possible views while allowing claim of deduction under section 54F. Accordingly, order is quashed and appeal is allowed. Facts- Post conducting inquiry, AO completed assessment by allowing claim of exemption u/s. 54 and accepting income returned by the assessee. Subsequently, from the perusal of the records, PCIT observed that case of the assessee was selected for scrutiny for verification of deduction claimed u/s. 5...