Revisional Jurisdiction cannot be Invoked if AO Adopted One of Two Plausible Views: ITAT upholds Assessment Order treating Unsold Flats as Closing Stock

Revisional Jurisdiction - AO - AO Adopted One of Two Plausible Views - ITAT - Income Tax - ITAT upholds Assessment Order - Unsold Flats as Closing Stock - taxscan

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has recently, in an appeal filed before it, while upholding an assessment order treating unsold flats as closing stock, held that revisional jurisdiction cannot be invoked, if AO adopted one of the two plausible views. The aforesaid observation was made by the Pune ITAT, when an appeal…

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