Section 263 Revision Quashed as AO Took Plausible View on Goodwill Depreciation

GMM Pfaulder Ltd. Vs PCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, considered an appeal filed by GMM Pfaudler Ltd. against the order of the Principal Commissioner of Income Tax (Pr. CIT), Ahmedabad-1, dated 7 March 2025. The Pr. CIT had exercised revisionary jurisdiction under Section 263 of the Income-tax Act, 1961, for Assessment Year (AY) 2020-21, contending that the assessment order passed by the Assessing Officer (AO) was erroneous and prejudicial to the interests of the Revenue. The assessee raised three primary grounds of appeal against the Pr. CIT’s invoc...