Revision u/s. 263 set aside as order of AO not found to be erroneous and prejudicial to interest of revenue: ITAT Ahmedabad

Dee Are Texfab Pvt Ltd Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that order of PCIT invoking section 263 of the Income Tax Act set aside as conditions necessary for invoking Section 263 of the Act, i.e., the order being erroneous and prejudicial to the interest of the revenue, are not satisfied. Facts- The assessee-company filed its return of income for the A.Y. 2014-15 on 05-09-2014 declaring the total income of Rs.11,45,820/-. On the basis of information available with the Department due to the search u/s.132 of the Act conducted on 12-04-2019 in case of Sanjay Govindram Agrawal (also kno...