No revision by CIT when AO conducted proper inquiry

Pawansut Media Services Pvt. Ltd. Vs PCIT (ITAT Delhi) Conclusion: PCIT was not justified in assuming the jurisdiction under section 263 when the case of assessee which was selected for limited scrutiny was never converted to full scrutiny and assessee had submitted all the details as called for by AO from time to time for the reasons for which the case was selected for limited scrutiny. Held: AO during the course of assessment proceedings had not examined the issue of applicability of provisions of Section 56(2)(viia) for basis of determination of Fair Market Value [“FMV”]. Although A...