sec 263 can be invoked If assessment has been done without examinations/inquiry

Brief of the case: ITAT Delhi held in Ambience Hotel & Resort Pvt. Vs CIT  that if the AO had done his assessment ignoring the provisions of the IT act and TPA and ignoring the examinations/inquiry then that assessment was erroneous and prejudicial to the interest of the revenue irrespective of the fact that there was no financial loss to the revenue. Facts of the case: Ambience Developers & Infrastructure Pvt. Ltd had given interest free refundable deposit of Rs 75CR to its sister concern Ambience Hotel & Resort Pvt. And in return Ambience Hotel & Resort Pvt. gave rights in s...