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2010 (7) TMI 69 - DELHI HIGH COURTErroneous assessment – power u/s 263 – power of the CIT to revise the assessment – Held that: - It is settled law that two conditions have to be fulfilled before the Commissioner can invoke his power under Section 263 of the Act, 1961 namely, the order should be erroneous and further the assessing officer’s order should be prejudicial to the interest of Revenue [Malabar Industrial Co. Ltd. vs. Commissioner of Income Tax, 2008 TMI - 5786 - SUPREME Court] - that in the order the CIT(A) has neither found the order passed by the assessing officer to be erroneous or prejudicial to the interest of the revenue – order passed u/s 263 has been set aside by the ITAT correctly.
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