Revisional jurisdiction u/s 263 not invocable as order passed by AO doesn’t satisfy twin conditions

World Trade Park Ltd. Vs Pr. CIT (ITAT Mumbai)

ITAT Mumbai held that action of Pr. CIT invoking jurisdiction u/s 263 of the Income Tax Act unjustified as order passed by the A.O. does not satisfy the twin conditions of erroneous and prejudicial to the interest of the revenue.

Facts- The Pr. CIT on perusal of the records and information found that the order passed by the AO under section 143(3) of the Act is erroneous and prejudicial to the interest of the revenue and issue

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