Section 263 gets triggered only when order is erroneous & also prejudicial to interest of Revenue

M/s. Sarda Energy & Minerals Ltd. Vs. Pr. CIT (ITAT Raipur) Preferential Allotment of Share Capital to L.B.India Holdings Mauritius II Limited, an entity based in Mauritius, being an associate of Lehman Brothers Inc. to the extent of Rs.50 Cr. – A Search & Seizure Operation u/s.132(1) conducted by the Investigation Wing – During the course of search & seizure, documents relating to issuance of share to the said entity were found & seized and statements of Chairman/Managing Directors & other persons were recorded – On the basis of information from the Investiga...