PCIT’s 263 Revision Struck Down – ITAT Ahmedabad Quashes Order for Lack of Enquiry Finding

Swetal Vijaybhai Shah Vs PCIT (ITAT Ahmedabad) Section 263 Revision Quashed: PCIT Failed to Prove AO’s Lack of Enquiry on Bogus Entry; Reassessment Restored: ITAT Finds PCIT’s 263 Order Lacked Foundation to Show Error & Prejudice; Bogus Loan Addition Overturned: PCIT Cannot Set Aside Assessment Without Factual Inquiry Findings; PCIT Action Invalid: Mere Suspicion of Non-Enquiry Does Not Justify Section 263 Revision Assessee challenged the PCIT’s revisionary order u/s 263, which held that the reassessment order u/s 147 was erroneous & prejudicial to the Revenue for fail...