PCIT Cannot Re-open Assessments on Mere Suspicion: ITAT Pune

Bhandari Associates Vs PCIT (ITAT Pune) Revision u/s 263 invalid when AO conducts Enquiry; Audit Objections alone cannot justify Revisionary action; Tribunal distinguishes Inadequate Inquiry from ‘No Inquiry’ Assessee, a partnership firm engaged in real estate development, filed its return for AY 2018-19 declaring a loss of ₹1.05 crore.  The case was picked for complete scrutiny on issues including investments, contract receipts, &  unsecured loans. The AO, after issuing detailed notices u/s 143(2)/142(1) &  examining submissions, completed assessment u/s 143(3) on 07.04.2021,...