Invocation of section 263 unjustified as order passed after considering information

APM Industries Ltd. Vs DCIT (ITAT Jaipur) ITAT Jaipur held that the assessment order passed by AO after considering the information filed during assessment proceedings cannot be said to be erroneous and prejudicial to the interest of the revenue. Every loss of revenue as a consequence of an order of the AO cannot be treated as prejudicial to the interests of the Revenue. Facts- The assessee is a domestic company by name and style ‘APM Industries Ltd.’ and is engaged in manufacture of Man-made Fibres Spun Yarn. The case was selected for scrutiny through CASS cycle under complete category an...