Ao verified loan based on CASS parameter: CIT(A) cannot invoke jurisdiction u/s 263

Citystar Ganguly Projects Ltd. Vs PCIT (ITAT Kolkata) The issue under consideration is whether CIT is correct in invoking revisional jurisdiction u/s 263 on the ground of alleged inadequate enquiry by AO into loan transactions of assessee? ITAT states that the CIT invoked the revisionary jurisdiction on the broad allegation that the AO failed to make adequate enquiries with regard to the creditworthiness of the four loan creditors, from whom the assessee had received huge loan during the year, when the information gathered u/s 133(6) showed that they had reported ‘NIL’ or low income and cl...