Section 263 cannot be invoked if here is no prejudice against revenue

Soham Buildcon Vs PCIT (ITAT Ahmedabad) Introduction: The case of Soham Buildcon vs PCIT-3 (ITAT Ahmedabad) revolves around an appeal filed by the assessee challenging the order of the Principal Commissioner of Income Tax-3, Ahmedabad. The latter passed a directive under section 263, deeming the assessment order for the assessment year 2016-17 as erroneous and prejudicial to the interest of the revenue. This article provides a detailed analysis of the proceedings and the final ruling by the Ahmedabad ITAT. Detailed Analysis: The crux of the issue lies in the method of revenue recognition emplo...