CIT cannot invoke section 263 if there was lack of inquiry from the end of AO

Pushp Steel and Mining Private Ltd. Vs PCIT (ITAT Delhi) The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the revisionary jurisdiction under section 263 of the Income Tax Act, 1961 can be exercised in a very gross case of inadequacy in inquiry by Assessing Officer subject to the pre-requirements provided in the provision. Assessee is a company engaged in the business of mining of iron ore and making steel. Assessee electronically filed its return of income for A.Y. 2015-16 on 26.09.2016 declaring total income of Rs.7,78,490/-. The case was selected for limited scrutiny...