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

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