Revision under s.263 cannot revive assessment based on quashed s.153A approval; PCIT order set aside

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....ITAT quashed the PCIT's revisionary order under s.263 as beyond jurisdiction. The Tribunal held that revision cannot be predicated on an assessment under s.153A r/w s.143(3) which had been previously quashed for invalid s.153D approval, because doing so would unlawfully extend statutory limitation; a non-est order cannot be said to be erroneous or prejudicial. The AO's considered findings on excess stock (included in books) and on bad debts u/s 36(1)(vii) were not shown to be erroneous; PCIT failed to identify specific legal or factual errors or apply minds on merits. Applying sublato fundamentum cadit opus, the s.263 order was accordingly set aside.....