Order, prejudicial to the interest of revenue, set aside invoking jurisdiction u/s 263

Cognizant Technology-Solutions India Pvt. Ltd. Vs Dy. Commissioner-of Income Tax (ITAT Chennai) Held that the assessment order passed by the AO is erroneous in so far as it is prejudicial to the interest of the revenue and thus, the CIT has rightly exercised his jurisdictional powers Facts- M/s.Cognizant Technology Solutions India Ltd. is engaged in the business of software development filed its ROI for the AY 2014-15 on 29.11.2014, which was subsequently revised on 07.10.2015. During the FY relevant to the AY 2014-15, the assessee has purchased 9,16,133 shares from its shareholder M/s.Congiza...