Accommodation Entry Transactions: ITAT quashes Revision Order upholding Plausible View by AO

The Income Tax Appellate Tribunal (ITAT) has quashed a revision order passed by a Principal Commissioner of Income Tax (PCIT) in a case involving alleged accommodation entry transactions. The ITAT upheld the original assessment order, stating that the Assessing Officer (AO) had taken a "plausible view" in the matter. The PCIT had sought to revise the AO's order, claiming it was erroneous and prejudicial to the interests of the revenue. However, the tribunal found that the AO had conducted a proper inquiry and had come to a reasonable conclusion based on the facts on record. The ITAT held that the revisional power under Section 263 cannot be invoked merely because the PCIT holds a different opinion. As long as the AO's view is one of the possible and reasonable views, it cannot be deemed erroneous.