Non-satisfaction of twin conditions for invoking jurisdiction u/s 263 renders proceedings unsustainable

Kaur Cookies (P) Ltd Vs PCIT (ITAT Delhi) ITAT Delhi held that for invoking revisional jurisdiction u/s 263 it is necessary to satisfy twin conditions i.e. one being that order should be erroneous and second, such order should be prejudicial to the interests of the Revenue. Non-satisfaction of the conditions renders the proceedings unsustainable. Facts- the assessee filed its return of income declaring loss of Rs. 2,40,88,622/- on 6.11.2017. Thereafter, revised return was filed on 21.06.2018 declaring loss of Rs. 2,40,84,958/-. The case was selected for scrutiny assessment and the assessment w...