Failure to conduct enquiry resulted into order being erroneous and prejudicial hence revision u/s. 263 sustained

Suresh Kantilal Thakkar Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that assessment order passed by AO without conducting adequate inquiry is erroneous and prejudicial to the interest of revenue and hence revisionary proceeding under section 263 rightly invoked by PCIT.

Facts- The case of the assessee was reopened u/s. 147 of the Act on information received from DDIT (Inv.) and the assessment u/s. 147 of the Act was finalized on 29.03.2022, by accepting the returned income.

Thereafter, the PCIT observed that the assessee has undertaken transaction of

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