Revisionary power u/s 263 rightly invoked as order erroneous and prejudicial to interest of revenue

T C Software Consultancy Pvt Ltd Vs PCIT (ITAT Mumbai) ITAT Mumbai held that revisionary powers under section 263 of the Income Tax Act rightly invoked by PCIT as order of assessing officer is erroneous and prejudicial to the interest of revenue. Facts- During the proceedings AO noticed that the assessee has issued 262250 equity shares of face value of Rs.490/- aggregating to Rs.12,99,72,500/-. The assessee out of the amount received has advanced loan of Rs.6,45,03,125/- to one M/s Empower Industries India Ltd. AO further noticed that the assessee and the Empower group are part of entry provid...