Section 263 Revision Requires Lack of Inquiry, Not Just Inadequate Inquiry

Shree Balaji Associates Pune LLP Vs PCIT (Central) (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune, recently ruled in favor of Shree Balaji Associates Pune LLP, setting aside an order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act. The case revolved around an addition of ₹65,415 made by the Assessing Officer (AO) under Section 69C r.w.s. 115BBE of the Act during the assessment year 2019-20. The PCIT had invoked Section 263, deeming the AO’s assessment order erroneous and prejudicial to the interests of the revenue. The ITAT,...