Concise Assessment Order doesn’t Imply Lack of Enquiry – Section 263

Manohar Lal Sarraf and Sons Pvt Ltd Vs Pr. CIT (ITAT Delhi) Simply because the Assessing Officer (AO) did not extensively express satisfaction, the Principal Commissioner of Income Tax (Pr. CIT) does not have jurisdiction under section 263. A brief assessment order doesn’t necessarily indicate a lack of enquiry or that the order is erroneous, prompting an invocation of section 263. An order under section 263 of the Act based on an audit objection contradicts established legal norms. The assessee argued that the Pr. CIT passed the revision order under section 263 based on an audit objecti...