Revision u/s. 263 justified as AO accepted claim without adequate enquiry: Kerala HC

Cochin International Airport Ltd. Vs ACIT (Kerala High Court) Kerala High Court held that revisionary proceedings by PCIT u/s. 263 rightly exercised since claim of provision for bad and doubtful debts was assumed by assessing officer to be correct without adequate enquiry. Accordingly, appeal dismissed. Facts- The appellant, a domestic company engaged in operating and maintaining of the Cochin International Airport, is an assessee under the provisions of the Income Tax Act, 1961. The appellant had claimed deduction u/s. 80-IA of the Act in respect of the eligible activity of operating and main...