Revision u/s. 263 justified as AO granted relief without adequate inquiry into claim: ITAT Mumbai

Agricom Foods Private Limited Vs PCIT (ITAT Mumbai) ITAT Mumbai held that revisionary proceedings under section 263 of the Income Tax Act justified as relief granted by AO without inquiring into the claim of the same. Accordingly, order passed by AO erroneous and prejudicial to the interest of revenue. Facts- The assessee herein is a part of Allana Group, which is engaged in the business of export of food products and agro commodities including frozen meat processed/frozen food, edible products, agro products etc. PCIT examined the assessment records and noticed that the assessee had acquired ...