ITAT Mumbai Upholds PCIT’s Revision for Lack of Inquiry under Section 263

Jayantilal Rajmal Seth Vs DCIT (ITAT Mumbai) ITAT Mumbai held that invocation of revisional jurisdiction by PCIT under section 263 of the Income Tax Act justifiable since assessment order suffers from clear lack of inquiry into the matter. Accordingly, revision u/s. 263 upheld. Facts- Based on the information that the assessee was a beneficiary of a bogus accommodation entry from M/s Aneri Fincap Ltd. AO issued notice u/s. 148 of the Income Tax Act on 24.06.2021. The reassessment was thereafter completed on 25.02.2022, wherein no addition was made in respect of the alleged accommodation entry ...