Revisionary action u/s 263 on mere change of opinion is unsustainable

Smt. Anupama Asawa Vs PCIT (ITAT Indore)

ITAT Indore held that when one possible view has been taken by AO the same cannot be treated as erroneous and prejudicial to the interest of the revenue. Accordingly, revisionary order under section 263 of the Income Tax Act based on mere change of opinion is unsustainable in law.

Facts- The case of the assessee was selected for Limited Scrutiny through CASS for examination of issue related to ‘Deduction/ Exemption from capital ga

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