Distinction Between Lack & Inadequate Enquiry Reaffirmed: 263 Order Set Aside

City Union Bank Vs PCIT (ITAT Chennai) Bank filed ROI declaring ₹807.24 Cr income. AO in scrutiny u/s 143(3) r.w.s. 144B (12.09.2022) made only two disallowances- ₹8.79 lakh u/s 14A & ₹20.07 Cr CSR expense. PCIT, on record verification, held AO failed to examine three major claims- Non-rural bad debts written off u/s 36(1)(vii): ₹228.78 Cr, Employee Stock Option (ESOS) expenditure: ₹38.31 Cr.& Provision for bad debts u/s 36(1)(viia): ₹118.21 Cr. PCIT set aside assessment directing AO to redo enquiry. Assessee’s Arguments AO had issued detailed notices u/s 142(1) & 14...