Held, that the assessee, during the immediately preceding year 2016-17, had purchased a residential house in joint ownership with her family members and executed a memorandum of understanding according to which the assessee’s share was 50 per cent. The shares of the other joint co-owners in the property clearly appeared in the assessment year 2016-17. The Assessing Officer had raised a query and verified the claim of the assessee. Though the Assessing Officer may not have called for full details in the assessment year 2017-18, it could not be said that the assessment order passed was erroneous and prejudicial to the interests of the Revenue. The memorandum of understanding was already executed and declared the share of the each co-owner, and by no means could be considered as an afterthought. The Principal Commissioner had wrongly invoked the provisions of section 263 of the Act. Therefore, the order of the Principal Commissioner was  quashed. (AY. 2017-18)