Revisionary order u/s 263 without giving finding that profit declared is erroneous is untenable

Polygel Industries Pvt. Ltd. Vs PCIT (ITAT Mumbai)

ITAT Mumbai held that order passed u/s 263 of the Income Tax Act by merely remitting the matter back to AO without giving a finding that profit declared by assessee is erroneous in so far as it is prejudicial to the interest of the revenue is liable to be set-aside.

Facts- The assessee is engaged in the business of manufacturing of adhesive, sealant and construction chemical etc. Return of Income was filed declaring total income of ₹.Nil. The return

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