No Inquiry, No Jurisdiction: PCIT Revision Under Section 263 Invalid

Aahana Sales Private Limited Vs PCIT (ITAT Ahmedabad) PCIT Must Investigate, Not Assume: 263 Order Set Aside for Lack of Inquiry-Mere Allegation of ‘Inadequate Inquiry’ Not Enough-PCIT Cannot Revise Without Making Any Inquiry  Ahmedabad Tribunal quashed the revisionary order passed u/s 263. PCIT had set aside the reassessment order (passed u/s 147 r.w.s. 144 & 143(3)) on the ground that AO failed to properly verify packing expenses of ₹43.85 lakh & sales promotion expenses of ₹46.78 lakh, & had allegedly not examined evidences relating to transactions with M/s Shreenath Tr...