Issue considered in order is open for revision if order is erroneous and prejudicial to interest of justice

Ajmer Development Authority Vs CIT (ITAT Jodhpur) ITAT Jodhpur held that any issue which was considered by AO in the assessment order and such order is erroneous and prejudicial to the interest of justice, then, such order would be open for revision under section 263 of the Income Tax Act. Facts- CIT (Exemption) after examining the records issued a show cause notice u/s 263 of the Income Tax Act, 1961, calling upon the assessee as to why assessment order framed u/s 147 r.w.s. 143(3) of the Act, dated 12.12.2019 should not be revised. In response to the notice issued to the assessee, Ld. Author...