Revisionary power u/s. 263 rightly invoked as AO failed to conduct proper enquiry during original assessment

Bhanvarlal Champalal Kanuga Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that invocation of revisionary power under section 263 of the Income Tax Act sustained as AO failed to conduct proper enquiries and verifications during original assessment proceedings. Facts- The assessee is an individual. The return was processed u/s.143(1) of the Act and, later, taken up for scrutiny under CASS. Notices u/s. 143(2) and 142(1) of the Act. Thereafter, AO passed the order u/s.143(3) accepting the returned income. Later, the PCIT issued show-cause notice u/s.263 of the Act on 23-02-2022 stating that the as...