Revisional order u/s 263 not invocable if AO duly applied his mind

Prerak Goel Vs PCIT (ITAT Mumbai) ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter. Facts- PCIT examined the assessment record and noticed that the assessee had claimed exemption u/s.54F of the Act against LTCG arising on sale of shares and the said claim had been accepted by AO. Notably, during the year under consideration, the assessee has sold 350 shares of M/s. Concord Enviro Systems Pvt. Ltd. and earned LTCG of Rs.3.01 Crores. The assessee held a flat along with hi...