Once AO conducted adequate inquiry, invocation of section 263 is unsustainable

Advertisement Deepak Kr. Singh Vs PCIT (ITAT Kolkata, Patna Bench) Facts- The assessee is an individual deriving income from salary, dividend and other sources. The assessee filed e-return of income on 22.07.2016 for the AY 2016-17 declaring Income of Rs.1,04,94,280/-. The case selected for complete scrutiny under Computer Assisted Section of Cases for Scrutiny (in short ‘CASS’) to verify (a) whether the claim of exempt income is correct; (b) whether deduction from capital gain has been claimed correctly. Notices were duly served upon the assessee under section 143(2) and 142(1) of the...