Revision order was upheld as it flagged unverified INSIGHT Portal inputs on alleged accommodation entries

Ambuja Cements Limited Vs PCIT (ITAT Mumbai) Conclusion: PCIT’s revision under section 263 against assessee was upheld holding that AO did not properly verify the very low Section 14A disallowance despite huge exempt income and also ignored INSIGHT portal inputs about alleged accommodation entries. Held: Assessee-company had challenged the PCIT order passed under Section 263. The original assessment was completed under Section 143(3) r/w 144B, and total income was assessed at Rs. 14,82,47,32,193. PCIT found that assessee earned exempt income of Rs. 274.21 crore but disallowed only Rs. 1.82 ...