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 was processed u/s. 143(1) of the Act and income was assessed at ₹.Nil. Subsequently, the ca...