Section 263: Revision unjustified as AO took possible view based on available records

Synthetic & Art Silk Mills Research Association Vs CIT (ITAT Mumbai) ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record. Facts- The assessee is a Public Charitable Trust registered u/s. 12A of the The assessee is also approved research organization u/s. 35(1)(ii) of the Act. The assessee filed the return of income on 25.09.2013 declaring income at Rs. Nil after claiming exemption u/s. 11 of the Act. The a...