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2018 (5) TMI 1154 - ITAT MUMBAIRevision u/s 263 - AO assessed the rental income as Business Income - Held that:- AO, with due application of mind, accepted the stand of the assessee and took one of the possible view in the matter and assessed the rental income as Business Income. This being the case, the order could not be said to be erroneous or prejudicial to the interest of the revenue so as to justify invocation of proceedings u/s 263. The action of AO, may be prejudicial to the revenue but the same could not be termed as erroneous since the view taken by him was one of the possible view with due application of mind. Therefore, the prime twin conditions viz. erroneous and prejudicial to the interest of the revenue, in our opinion, have remained unfulfilled and therefore, invocation of proceeding u/s 263 was not justified. - Decided in favour of assessee.
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