Mere error would not confer jurisdiction to exercise revisional power U/s. 263

Advertisement Facts of the case The assessee company was engaged in the business of manufacturing of MS Angles, Channels, Round bars etc. It filed its ROI, declaring net loss of Rs.5797350/- computed after setting off the brought forward depreciation loss with short term capital gain on sale of wind mill in current year. Recording this reason on the ground, AO issued notice u/s 148. In response, assessee filed the return and submitted that carried forward depreciation loss should be treated as current year’s depreciation and the same should be allowable to adjust against current year capi...