Invocation of power u/s 263 unjustified as order neither erroneous nor prejudicial to interest of revenue

Bashir Ahmed Abdurrahman Matte Vs PCIT (ITAT Bangalore) ITAT Bangalore held that revisionary power u/s 263 cannot be invoked when the order passed by AO is neither erroneous nor prejudicial to the interest of revenue. Facts- Assessee, Shri Bashir Ahmed Matte, is an Orthopaedic Surgeon in Gokak and survey u/s 133A was conducted on 06/09/2012. He admitted the additional income of Rs.70,76,000/- and offered for tax and AO made some other additions and determined the income at Rs.1,03,68,608/- by adding Rs.2,79,088/- of the assessment order. The assessee did not file appeal and paid the tax accord...