Revision order u/s 263 without satisfying two essential condition is unsustainable

Daffodills Pharmaceuticals Ltd Vs PCIT (ITAT Delhi) ITAT Delhi held that invocation of revisionary power u/s 263 of the Income Tax Act without satisfying two conditions i.e. order was erroneous and it was prejudicial to the interest of revenue is unsustainable in law and liable to be quashed. Facts- The assessment was completed by PCIT-1 u/s. 143(3) r.w.s. 147 of the Act, wherein the A.O. accepted the returned income at Rs.40,87,730/-. PCIT on examination of the assessment records issued a show cause notice u/s. 263 of the Act. On receipt of the show cause notice, the assessee gave reply. PCIT...