PCIT cannot assume Section 263 jurisdiction when AO has made sufficient enquiry

Ruchi J Oil Pvt. Ltd Vs PCIT (ITAT Indore) Conclusion: Since there was a detailed enquiry by AO on issue of equity shares to non-residents and after thoroughly discussing the issue in the assessment order, AO had taken a permissible view within the parameters of the law, there remained no room for PCIT to assume the jurisdiction u/s 263. Held: Assessee issued equity shares to the resident and non resident companies. As per the Discounted Cash Flow (DCF) method provided under Rule 11UA(2b) of the I.T. rules fair market value per equity share was computed by the Chartered Accountant at Rs.2061.3...