Section 263 Jurisdiction cannot be exercised for additional inquiries

Sourabh Sharma Vs PCIT (ITAT Jaipur) In a significant ruling by the ITAT Jaipur in the case of Sourabh Sharma Vs PCIT, the tribunal examined the jurisdiction of Section 263, particularly in scenarios where the Principal Commissioner of Income Tax (PCIT) sought additional inquiries post-assessment. The case pivoted on whether the PCIT could revise an already completed assessment based on the belief that the Assessing Officer (AO) might not have fully grasped the assessee’s claim, leading to potential revenue loss. Background and Tribunal’s Order: The case stemmed from the PCIT̵...