ITAT Mumbai Quashed Section 263 revision as AO Took Plausible View on Deductions

ICICI Securities Limited Vs PCIT (ITAT Mumbai) Entire Section 263 Revision Quashed—AO’s Plausible Views on ESOP, CSR–80G, Club Expenses, Penalties & Interest Upheld The Mumbai ITAT (C Bench) allowed the appeal of ICICI Securities Ltd. for AY 2020-21 and quashed the revisionary order passed under section 263 by the PCIT in its entirety, holding that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. The Tribunal held that: Scope of section 263: The PCIT cannot invoke revision merely on the ground of inadequate enquiry or because he holds a dif...