Revision u/s. 263 not sustained as plausible view taken by AO: ITAT Ahmedabad

Vivaa Tradecom Pvt. Ltd Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act is not sustainable in law since Assessing Officer examined the aspect of disallowance of bogus losses on sale of steel scrap and took plausible view. Facts- During the course of assessment, AO made addition of Rs.4,01,941/- on account of excess claim of bonus and disallowance of Rs.3,47,446/- being bogus book losses. On going through the records, the PCIT was of the view that, in the instant case, the assessee had made purchases from M/s. Global Metals and m...