Section 263 Order Quashed for Wrongly Alleging Lack of Enquiry – What ITAT Clarified

Jitendrasinh Zala Vs PCIT (ITAT Rajkot) PCIT’s 263 Revision Quashed – AO Had Made Due Enquiry; No “Lack of Enquiry” to Invoke 263 Jurisdiction In this appeal the Assessee challenged the revisional order passed u/s 263 wherein Ld. PCIT held that the scrutiny assessment u/s 143(3) r.w.s.144B dated 06.09.2022 was erroneous & prejudicial to the interest of Revenue due to alleged failure of AO to examine four issues: (i) ₹22,88,000 provision-based expense booked by Fin Tech Corporation Pvt. Ltd., (ii) variation in agricultural income, (iii) non-declaration of rental income from other...