Revisional jurisdiction u/s 263 not invocable as order neither erroneous nor prejudicial to interest of revenue

Surat People’s Co Operative Bank Ltd Vs PCIT (ITAT Surat)

ITAT Surat held that invocation of revisional jurisdiction under section 263 of the Income Tax Act unsustainable as order passed by AO was neither erroneous nor prejudicial to the interest of the revenue.

Facts- The assessee is a Co-operative Bank. The case of the assessee was selected for complete scrutiny. The assessment order u/s 143(3) r.w.s. 143(3A) and 143(3B) of the Act was framed by assessing officer, on 1

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