The ITAT bench in Mumbai has quashed the revision order

The ITAT bench in Mumbai has quashed the revision order

The ITAT bench in Mumbai has quashed the revision order, ruling that when the AO has taken one of several possible views, the PCIT is barred from taking a different view by relied on the decision of Supreme Court in case of Malabar Industrial Company wherein it is held that, if the AO has taken one of the possible views, then the assessment order cannot be considered to be prejudicial to the interests of revenue merely for the reason that the Ld PCIT has got different view on the very same matter. 



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