Initiation of proceedings u/s 263 justified as AO completed assessment without proper enquiry

Charoen Pokphand Seeds India Pvt. Ltd. Vs PCIT (ITAT Bangalore) ITAT Bangalore held that AO completed the assessment completed without verification of exemption claimed by the assessee u/s 10(1) and hence Pr. CIT validly initiated proceedings under section 263 of the Income Tax Act. Facts- Pr.CIT called for the assessment records of the assessee and examined that the exemptions claimed on agricultural income of Rs.14,50,17,783/- by the assessee that was allowed by the Ld.AO in the order passed u/s. 143 (3) of the Act. He also noted that a sum of Rs.46,44,792/-was deposited in the bank account ...