Revision by PCIT was justified as there was no lack of investigation by AO

Hoshiarpur Traders Vs PCIT (ITAT Amritsar) Conclusion: AO had applied his mind while doing the assessment therefore, the investigation by AO could not be called ‘lack of investigation’ and revision order passed under section 263 was quashed. Held: Assessee was a partnership firm and the dealer of the liquor. The assessment was completed u/s 143(3). The notice u/s 263 was issued by PCIT and the details submission was filed by assessee against the show cause notice & finally PCIT had set aside two issues for further verification before AO considering the assessment order erroneous & ...