PCIT passed the revision order and   directed Assessing Officer to carry out proper examination of books of account and bank accounts of assessee as well as investors.  Assessing Officer passed an order under section 263 determining total income of assessee at lesser amount by deleting addition under section 68 on ground that source of fund, identity, genuineness and creditworthiness of share applicants were verified and found in order. PCIT  issued another notice under section 263 on ground that income determined as per impugned order under section 263 was less than total income as assessed under earlier original assessment order under section 143(3), therefore, impugned assessment order was prejudicial to interest of revenue. On appeal the Tribunal held that Share applicant companies had responded to notices under section 133(6) and also appeared before Assessing Officer and furnished copy of I.T. return/acknowledgement, copy of annual audited accounts, balance sheet and profit & loss account statement and copy of bank statement, etc. so as to prove genuineness of transactions. The, Assessing Officer had taken a plausible view in his first order passed under section 263.  Such a view could not be termed as erroneous insofar as it was prejudicial to interest of revenue.  Second time merely because total income determined by Assessing Officer in revision order was less than income determined in original assessment proceedings, was unjustified quashed. (AY. 2012-13)