Section 263 cannot be invoked merely due to perceived inadequate inquiry

AVTIL Enterprises Limited Vs PCIT (ITAT Mumbai) The case of AVTIL Enterprises Limited Vs Principal Commissioner of Income Tax (PCIT) was brought before the Income Tax Appellate Tribunal (ITAT) in Mumbai. This case revolves around the invocation of Section 263 of the Income-Tax Act by the PCIT for the assessment year (AY) 2017-18. The PCIT challenged the assessment order passed by the Assessing Officer (AO), alleging that necessary inquiries were not conducted and that mandatory provisions of the law were not applied, specifically Section 14A read with Rule 8D. Detailed Analysis AVTIL Enterpris...