Adequate Assessment Inquiry by AO Bars Section 263 Revisionary Powers

Ashok Khimraj Jain Vs PCIT (ITAT Pune) Introduction: In the case of Ashok Khimraj Jain Vs PCIT, the ITAT Pune reversed the revisionary order of the Pr. Commissioner of Income Tax-1, Nashik, asserting that revisionary powers under section 263 of the Income Tax Act would not apply if the Assessing Officer (AO) conducts appropriate verification during the assessment process. This decision provides important insight into the dynamics of tax revision under Indian law. Analysis: The ITAT Pune ruled that the Pr. Commissioner of Income Tax-1’s revisionary order was inappropriate as the AO had co...