Revisional jurisdiction u/s 263 unjustified without any error or infirmity in assessment order: ITAT Delhi

Simbhaoli Power Pvt Ltd Vs PCIT (ITAT Delhi) ITAT Delhi held that revisional jurisdiction u/s. 263 of the Income Tax Act not invocable in absence of any error or infirmity in the assessment order which could make the assessment order erroneous and prejudicial to the interest of revenue. Facts- Vide the present appeals, the appellant has mainly challenged the assumption of jurisdiction u/s. 263 of the Income Tax Act. Conclusion- Held that where there are two possible views and the Assessing Officer has taken one of the possible views, no action to exercise powers of revision can arise, nor can ...