Jurisdiction u/s. 263 cannot be invoked if Order is erroneous but not prejudicial to interest of revenue

IN THE ITAT BANGALORE BENCH ‘C’ Al Ameen Educational Society Versus Director of Income-tax (Exemption), Bangalore IT APPEAL NO. 575 (BANG.) OF 2011 [ASSESSMENT YEAR 2006-07] SEPTEMBER 28, 2012 ORDER N.V. Vasudevan, Judicial Member – This is an appeal by the assessee against the order dated 21-03-2011 of DIT(E), Bangalore passed u/s 263 o the IT Act, 1961. 2. The assessee is a charitable trust carrying on the charitable activity of providing education. For assessment year 2006-07, the assessee filed return of income declaring a net deficit of Rs. 3,61,77,979/-...