Revision u/s 263 without satisfying twin conditions is unsustainable

Virgo Aluminum Ltd. Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act without satisfying twin conditions i.e. that the order of the AO must be erroneous and prejudicial to the interest of revenue is unsustainable in law. Facts- The assessee is engaged in the manufacturing of aluminium rolled products, such as aluminium sheets. The assessee had e-filed its return of total income of Rs.11,21,66,380/-. Subsequently, the return of income was revised by the assessee claiming deduction u/s 80IC amounting to Rs.3,24,45,8...