PCIT’s Revision u/s 263 Quashed – ITAT Mumbai Rules AO’s Enquiry Was Adequate

Sameer Ramesh Vashi Vs PCIT (ITAT Mumbai) PCIT revised the scrutiny assessment u/s 263, alleging that AO failed to properly examine the business loss of ₹1.24 crore & notional rent from a Greater Noida flat. Assessee contended that the assessment was a limited scrutiny, confined only to business loss & agricultural income, & that all queries were duly answered during assessment with supporting documents. ITAT noted that AO had issued detailed notices u/s 142(1) seeking explanations for each expense item & for business loss claim, which Assessee had fully substantiated through...