Revisional Jurisdiction not Invokable If AO took one of Possible Views

Chandrahas Shetty HUF Vs PCIT (ITAT Mumbai) It is a well settled principle of law, which is enunciated by Hon’ble Supreme Court in the case of Malabar Industrial Company (243 ITR 83), is that the assessment order cannot be termed as erroneous and prejudicial to the interests of revenue if the AO has taken one of the possible views of the matter. In the instant case, the fact remains that the assessee has been filing return of income every year. There is no dispute with regard to the fact that the AO has made enquiries about the deposit of Rs. 15.00 lakhs made into the bank account during...