Revision u/s 263 - Tribunal has noted that, when the ld. PCIT...

Revision u/s 263 - Tribunal has noted that, when the ld. PCIT himself was satisfied that there was no error in the order of the Assessing Officer vis-à-vis irregularities noted by him initially, there can be no case for exercising any revisionary power u/s 263 of the Act. The provisions of the section are very clear. The concerned authorities can exercise revisionary powers only on fulfillment of the essential conditions of finding error in the order sought to be revised and the error being such as causing prejudice to the Revenue. - It is held that, Merely because the AO had not examined these issues during assessment proceedings does not make the assessment order erroneous particularly.

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