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When CIT can pass order u/s 263 by holding that the order passed by the AO is erroneous and prejudicial to the interest of the Revenue? ITAT KOLKATA passed the order on 6th Jan 2021 in the case of RUNGTA MINES LTD. vs. PCIT?
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The provisions of Section 263 and various judgments and decisions rendered with regard to Section 263 of the Act. It is well settled law that for invoking the provisions of section 263 of the Act both the conditions that the order must be erroneous and prejudicial to the interest of revenue needs to be satisfied.