Held, that the Assessing Officer while framing the assessment had carried out exhaustive examination and necessary verifications on the issue which had formed the very basis for selection of the assessee’s case for limited scrutiny assessment, i. e., large share application money received against unallotted shares, and after exhaustive deliberations arrived at a possible and a plausible view accepting the claim of the assessee of having received genuine share application money from the investor-company. Therefore, there was no justification for the Principal Commissioner to have invoked his jurisdiction under section 263 of the Act for the purpose of supplanting his view on the issue, on the ground that appraisal of the material that was available before the Assessing Officer ought to have been done in a different manner, which, thus, would have resulted in a contrary view. Therefore, the order of the Principal Commissioner was set aside and the order passed by the Assessing Officer under section 143(3) of the Act restored.(AY. 2013-14).