https://www.taxtmi.com/caselaws?id=462153 ITAT Hyderabad allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that reassessment proceedings based on investigation wing information with proper PCIT approval u/s 151 cannot be deemed erroneous merely because they may be prejudicial to revenue interests. Since the AO's order was not erroneous, the twin conditions for revision u/s 263 were not satisfied. The tribunal found the reassessment valid as it was based on proper verification and approval, rejecting PCIT's contention that approval was given mechanically without due application of mind. en-us Tue, 31 Jan 2023 00:00:00 +0530 Wed, 28 May 2025 18:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462153 ITAT Hyderabad allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that reassessment proceedings based on investigation wing information with proper PCIT approval u/s 151 cannot be deemed erroneous merely because they may be prejudicial to revenue interests. Since the AO's order was not erroneous, the twin conditions for revision u/s 263 were not satisfied. The tribunal found the reassessment valid as it was based on proper verification and approval, rejecting PCIT's contention that approval was given mechanically without due application of mind. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462153