The assessee initially declared a total income under the normal provisions and book profits u/s. 115JB of the Act. After a revision in 2015, the declared income under the normal provisions became nil while book profits remained unchanged. The assessment was completed, and later, the Pr. CIT found the assessment order to be erroneous and prejudicial to the interests of the Revenue and thus directed the AO to frame a fresh assessment order.

Held that the AO did conduct proper inquiries during the original assessment proceedings u/s. 143(3) and 144C of the Act. Hence, the assessment order was not prejudicial to the interests of the Revenue.(AY. 2003-04)