ITAT Delhi Quashes Sec 263; Mere Suspicion or Alleged Inadequate Enquiry Insufficient

Studds Accessories Limited Vs PCIT (ITAT Delhi) ITAT Delhi Quashes Sec 263 Revision – Mere Suspicion Alleged Inadequate Enquiry Not Sufficient to Invoke Revisionary Powers In Studds Accessories Ltd. vs PCIT (AY 2020-21), the ITAT Delhi allowed the assessee’s appeal and quashed the revision order passed u/s 263. The PCIT had set aside the assessment alleging lack of enquiry regarding differences in professional fees, salary expenses, deduction u/s 80JJAA and CSR expenses. However, the Tribunal observed that detailed submissions and supporting documents were already furnished during assessme...