The short issue which falls for consideration in the instant case is whether the Principal Commissioner of Income Tax Kolkata (PCIT) was justified in invoking his jurisdiction under Section 263 of the Act. On perusal of the order passed by the Tribunal we find that the Tribunal rightly took note of the manner in which the assessing officer had completed the assessment. It was noted that the assessing officer during the course of original assessment issued notice under Section 142(1) of the Act and called for details and information. In point No. 9 of the said notice he had called for details of purchase, sales, stocks in a particular format. The assessee filed the detailed reply on 9.11.2017 along with demat statement for the period from 1.4.2014 to 31.3.2015. That apart copy of the contract notes, copies of bank passbook, copies of ledger, accounts of brokers were also filed. Furthermore, the assessing officer took note of the fact that all transactions were on the stock exchange platform. After due verification the assessing officer did not find anything adverse in the claims made by the assessee. Accordingly, the Tribunal concluded that it is not a case of non verification or non application of mind and that PCIT failed to make out a case that order of the assessing officer is erroneous as well as prejudicial to the interest of the revenue. It is settled principle that to exercise the jurisdiction under Section 263 of the Act the order of the assessing officer has to be erroneous in so far as it is prejudicial to the interest of
