Invocation of section 263 unjustified as order not prejudicial to revenue

Tata Teleservices (Maharashtra) Limited Vs PCIT (ITAT Mumbai) ITAT Mumbai held that since the impugned MTM loss was duly reversed in the subsequent year and offered to tax, revisionary proceedings invoked under section 263 of the Income Tax Act cannot be sustained as there is no prejudice to the revenue. Facts- The assessee is a company and is engaged in providing cellular telecommunication communication services to its subscribers. For the year under consideration, the assessee e-filed its return of income on 26/11/2015 declaring a loss of Rs. 475,90,34,534. The return of income filed by the ...