Revision u/s. 263 unwarranted as plausible view taken by AO after considering replies: ITAT Indore

AL A S Real Estate and Developers Private Ltd. Vs PCIT (ITAT Indore) ITAT Indore held that assessment done after considering replies/ submissions of the assessee cannot be said to be faulty. AO has taken a plausible view after considering replies/ submissions and hence revisional jurisdiction u/s. 263 of the Income Tax Act not warranted. Facts- The assessee filed return of income of relevant AY 2018-19 declaring a total income of Rs. Nil. The return was selected under scrutiny-assessment for “verification of genuineness of expenses” and statutory notices u/s 143(2)/142(1) were issued. Ulti...