Revision u/s 263 Quashed: No Error or Revenue Prejudice Demonstrated

Micromax Informatics Ltd. Vs PCIT (ITAT Delhi) ITAT Delhi held that revision under section 263 of the Income Tax Act not justified as PCIT failed to demonstrate that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, revision order quashed. Facts- The assessee is a trader of mobile phones, LED TV, air conditioners, washing machines, etc. The case was scrutinized and the consequential assessment order accepting the returned income was passed on 30.09.2021. Later, the Principal Commissioner of Income Tax (PCIT), vide impugned order u/s. 263 of the Income Tax ...