Inadequate enquiry not give any right to CIT to revise assessment order: ITAT Surat

Meril Life Sciences Private Limited Vs PCIT (ITAT Surat) Assessee company filed its return for AY 2018-19 declaring income of Rs.39,24,06,630/-. Assessment order was passed u/s 143(3) r.w.s. 144B accepting the returned income. Subsequently, PCIT issued notice u/s 263 and assessee was asked in respect of (i) net foreign exchange gain not added to total income – Rs.2,63,509/-, (ii) depreciation on addition to intangible assets – Rs.96,87,432/- and (iii) disallowance u/s 14A – Rs.98,88,137/-. Assessee submitted replied which was duly considered by PCIT accepted the explanation of assessee o...