Section 263 order cannot be passed on issue already examined in assessment

Time City Real Estates (India) Limited Vs PCIT (ITAT Lucknow) In the present case, ITAT noted that the Assessing Officer had carried out sufficient enquiries and this is not even a case of lack of enquiry. Further the Hon’ble Supreme Court in the case of Malabar Industrial Co. has held that for assumption of jurisdiction u/s 263 of the Act, the order of the Assessing Officer has to be erroneous as well as prejudicial to the interest of Revenue. The Hon’ble Court held that the Commissioner has to satisfy of these twin conditions and if one of them is absent, then recourse is not ava...