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2019 (9) TMI 913 - AT - Income TaxRevision u/s 263 - deposits made into the Bank account - HELD THAT:- Since the AO while framing the original assessment, had considered the entire material, was satisfied with the above factual aspect and thereafter, estimated the income of the assessee at 10% and made an addition of ₹ 9,50,000/-. AO had taken one possible view where two views are possible. When the PCIT does not agree, the assessment cannot be treated as erroneous in so far as it is prejudicial to the interests of the Revenue, since the view taken by the AO is not unsustainable in law. When an Assessing Officer adopts one of the courses permissible in law which results in loss of revenue or where two views are possible and the Assessing Officer has taken one view with which the PCIT/Commissioner does not agree, the assessment order cannot be treated as erroneous order in so far as it is prejudicial to the interests of the Revenue, unless the view taken by the AO is unsustainable in law. Any and every erroneous order cannot be the subject matter for revision u/s. 263 unless the second requirement of section 263 of the Act being prejudicial to the interests of the Revenue prevails. In this case, there was no material to show as to how the order of the Assessing Officer was erroneous in so far as it would become prejudicial to the interests of the Revenue to invoke the jurisdiction u/s. 263 - Decided in favour of assessee.
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