PCIT Cannot invoke Section 263 Where AO Conducted Full Loan Verification: ITAT Nagpur

Nirmalkumar Agrawal (HUF) Vs ITO (ITAT Nagpur) Distinction Between No Enquiry & Inadequate Enquiry- Loan Verified by AO Through Bank & Financials – Tribunal Bars PCIT’s Revision Assessee filed return declaring income of ₹2,60,860. Based on FIU information that Navdurga Advisory Pvt. Ltd. (NAPL) was a shell company, assessment was reopened u/s 147. AO after enquiry accepted that Assessee had taken a genuine loan of ₹20 lakh (not ₹40 lakh as alleged by FIU) from NAPL, verified through bank statements, confirmations & financials, & completed assessment at returned income...