Reassessment u/s. 148 non-jurisdictional as revisionary proceeding u/s. 263 dropped on same issue

Vedanta Limited Vs ACIT (ITAT Delhi) ITAT Delhi held that initiation of re-assessment proceedings under section 148 of the Income Tax Act is liable to be quashed as without jurisdiction since revisionary proceedings under section 263 on the same issue was already dropped. Facts- The assessee is a Company engaged in the business of manufacture and sale of aluminum as well as in the commercial power generation business. The return of the assessee was selected for scrutiny wherein the AO while framing the assessment order dated January 28, 2013 made an addition amounting to Rs. 2,06,19,999 u/s. ...