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2013 (9) TMI 1121 - ITAT BANGALORERevision u/s 263 - Held that:- Order passed under section 263 of the Act by the CIT on 21.3.2011 for Assessment Year 2006-07, is without proper assumption of jurisdiction as it does satisfy the twin requisite conditions of the order revised being both erroneous and prejudicial to the interests of revenue. In this view of the matter, we hold that the very initiation of proceedings, made without proper appreciation of the facts on record, is bad in law as it is not in accordance with the conditions specified in section 263 of the Act and therefore cancel the impugned order under section 263
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