Revisional power u/s 263 unsustainable as order passed is neither erroneous nor prejudicial to interest of revenue

Gujarat Narmada Valley Fertilizers & Chemicals Ltd Vs PCIT (ITAT Surat) ITAT Surat held that AO already examined the issue and took a plausible view that addition should not be made. Accordingly, revisional jurisdiction u/s 263 unsustainable as order passed by AO is neither erroneous nor prejudicial to the interest of revenue. Facts- The assessee had filed ROI declaring total loss of Rs.45,56,60,463/-, before allowing deduction under Chapter VIA of the Act which is the claim of deduction u/s.80IA amounting to Rs.72,65,30,991/- but restricted to the extent of total income. The returned inco...