Section 263 Revision Invalid if CIT Failed to Show Assessment Was Erroneous

CIT Vs Vellore Institute of Technology (Madras High Court) The Revenue filed an appeal challenging the order of the Income Tax Appellate Tribunal (ITAT) dated 17.04.2015 for Assessment Year (AY) 2009-10. The appeal questioned whether the Commissioner had validly exercised jurisdiction under Section 263 of the Income Tax Act, whether the Assessing Officer (AO) was required to record all details in the assessment order, and whether the Commissioner’s conclusion that the assessment was erroneous and prejudicial to the interests of the Revenue had to be based on the materials available on re...