Revisional power u/s 263 of Income Tax Act not exercisable in case of inadequate enquiry

Advertisement Jakhau Salt Co. P. Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that revisional power u/s 263 of the Income Tax Act exercisable only in case of lack of enquiry and not in case of inadequate enquiry. Facts- Post completion of scrutiny assessment, the case of the assessee was taken up for revision proceedings and accordingly, show cause notice u/s.263 of the Act was issued. In the said show cause notice, the PCIT observed that on perusal of annual accounts for FY 2016-17 relevant to AY 2017-18, it is seen that a sum of Rs.24.32 Crs. was debited to profit and loss account under ...