Revision u/s 263 unsustainable as plausible approach adopted by AO cannot be labeled as erroneous

Hema Raman Vs PCIT (ITAT Delhi) ITAT Delhi held that plausible approach adopted by AO cannot be labeled as erroneous. Hence, revisionary order under section 263 of the Income Tax Act is unsustainable in law. Facts- The assessee is an individual and is deriving income from business of healthcare service and trading in medicine etc. The survey operation u/s. 133A of the Act was carried out on the business premises of the assessee wherein the assessee admitted undisclosed income of Rs.40 lakh and surrendered the same as normal business income in her ITR. Thereafter, the case of the assessee was s...