Section 263 Cannot Be Invoked Where AO’s View on deduction Is Plausible: ITAT Pune

Bajaj Finance Limited Vs PCIT 3 (ITAT Pune) Section 263 Cannot Be Invoked Where AO’s View Is Plausible: ITAT Pune Quashes PCIT Revision in Bajaj Finance Case The Pune Bench of the ITAT quashed the revisionary order passed u/s 263 against Bajaj Finance Ltd. for AY 2019-20, holding that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. The PCIT had invoked section 263 on two grounds: (i) alleged excess allowance of deduction u/s 36(1)(viia) in respect of provision for bad and doubtful debts (including standard assets), and (ii) alleged lack of verifica...