Mere inadequacy of enquiry by AO cannot justify invoking Section 263

AZB And Partners Vs PCIT (ITAT Mumbai) The Tribunal held that mere inadequacy of enquiry by the AO cannot justify invoking Section 263. AZB & Partners’ assessment was upheld, reinforcing limits on revision powers under Explanation 2(a). ITAT Mumbai Quashes 263 Against AZB & Partners – No Revision for Adequate Enquiry- Mere Inadequacy of Enquiry Cannot Justify 263 – Tribunal Rules for Law Firm- Explanation 2(a) to 263 Not Blanket Power – ITAT Reaffirms Limits on Revision Assessee, a leading law firm, had filed return declaring income of Rs. 281.18 crore. The assessment was compl...