Revision u/s. 263 quashed as assessment order not erroneous & prejudicial to revenue interest

Smt. Teena Garg Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that invocation of revisionary power under section 263 of the Income Tax Act not sustainable since PCIT failed to establish that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, appeal of assessee allowed. Facts- The case of the assessee was reopened under section 147 of the Income Tax Act based on the information that the assessee had claimed bogus long term capital gain. After considering the return of income, computation and other submissions/documents filed by the assessee, Assessment was ...