Revision under section 263 of IT Act, 1961 is not reassessment

RELEVANT PARAGRAPH 3. The brief facts of the case are that the assessee is a software development company, situated at Infotech Park, Pune and having extension at Mumbai. It filed its return of income for A.Y. 2003-04 on 01.12.2003 declaring total income of Rs.3,29,54,277/ – as per normal provisions of the IX Act and book profits u/s. 115JB of the IX. Act at Rs.5,77,34,729/ -. The return of income was initially processed u/s. 143(1) of the Act and subsequently proceedings u/s. 143(3) were taken up by issuing necessary notices. The Assessing Officer considered the expenditure relatable to...