Revision Under Section 263 Invalid as AO Conducted Adequate Inquiry: ITAT Mumbai

Advertisement Naik Seafoods Pvt. Ltd. Vs PCIT (ITAT Mumbai) The appeal was filed by the assessee against the order passed by the Principal Commissioner of Income Tax (Pr.CIT) under Section 263 of the Income Tax Act for Assessment Year 2016–17. The Pr.CIT had set aside the assessment completed under Section 143(3), holding that the assessment order was erroneous and prejudicial to the interests of the revenue on three issues: (i) deduction under Section 80G claimed on Corporate Social Responsibility (CSR) expenditure, (ii) allowance of bad debts, and (iii) genuineness of fish purchases. Re...