CIT can initiate suo moto proceedings U/s. 263 where AO takes a wrong decision

Advocate Akhilesh Kumar Sah Cochin International Airport Ltd. Vs ACIT (ITAT Cochin) Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision Section 263 of the Income Tax Act, 1961(for short ‘the Act’) deals with the revision of orders prejudicial to Revenue by the Principal Commissioner or Commissioner of Income Tax . Recently, in Cochin International Airport Ltd. vs. ACIT [I.T.A. No. 501/Coch/2016, A.Y. 2012-13, decided on 15.03.2018], briefly, the facts of the case were that the assesse...