CIT can invoke Revisional Jurisdiction only if Assessment is erroneous & causing prejudice to interest of revenue

Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather directed the Assessing Officer to cancel his corresponding assessment in issue in other words. We find no reason to sustain either of the two courses adopted by the learned Pr.CIT herein. Hon’ble apex court’s land mark decision Malabar Industrial Co. vs. CIT 243 ITR 83 (SC...