Section 263 Not Invocable When AO Takes a Plausible View After Inquiry: ITAT Mumbai

Surbhit Impex Private Limited Vs PCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal by Surbhit Impex Private Limited against the Principal Commissioner of Income Tax (PCIT), Mumbai, challenging the revision order under Section 263 dated 18 March 2025. The revision order questioned the reassessment under Section 147 of the Income-tax Act, 1961 for Assessment Year (AY) 2018-19, relating to trading liabilities of Rs. 3,13,65,060/-. The assessee contended that the reassessment was neither erroneous nor prejudicial to the interest of revenue. The reassessment had...