Revisional order under section 263 not satisfying twin conditions not sustainable

PCIT Vs R.K. Jain Infra Projects Pvt. Ltd. (Delhi High Court) Delhi High Court held that for exercise jurisdiction under section 263 of the Income Tax Act, twin conditions i.e. order being erroneous and prejudicial to the interest of revenue needs to be satisfied. PCIT order not satisfying the same needs to be quashed. Facts- AO carried out a limited scrutiny under CASS. AO, having satisfied himself with regard to the various queries raised by him, framed an assessment order u/s. 143(3) of the Act on 12.10.2017. The Principal Commissioner of Income Tax [“PCIT”], however, took umbrage to th...