ITAT Mumbai Quashed Section 263 as Issue Involved Only Inadequate Enquiry

Bajaj Auto Ltd. Vs PCIT (ITAT Mumbai) Section 263 Invoked on “Inadequate Enquiry” Set Aside: ITAT Mumbai Quashes PCIT’s Revision in Bajaj Auto Ltd. Case Summary: The Mumbai Bench of the ITAT allowed the appeal of Bajaj Auto Ltd. and quashed the revisionary order passed under section 263 by the Principal Commissioner of Income Tax for AY 2019-20, holding that the assumption of jurisdiction was unsustainable in law. The PCIT had invoked section 263 on the ground that the assessment order passed under section 143(3) read with section 144C(3) was erroneous and prejudicial to the interests of...