Section 263 not invocable if assessment order is not erroneous or prejudicial to interests of revenue

Shri Arunoday Multi State Cooperative Credit Society Ltd. Vs PCIT (ITAT Pune)

The issue in the present appeal relates to the validity of assumption of jurisdiction u/s 263 by the ld. PCIT. The Parliament had conferred the power of revision on the Commissioner of Income Tax u/s 263 of the Act in case the assessment order passed is erroneous and prejudicial to the interests of revenue. In order to invoke the power of revision, the above two conditions are required to be satisfied cumulatively. References in this regard can be

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