Revision Fails: PCIT Cannot Invoke 263 Without Making the Very Enquiry He Says AO Missed

Vikram Sudhir Khurana Vs PCIT (ITAT Ahmedabad)

Revision Fails: PCIT Cannot Invoke 263 Without Making the Very Enquiry He Says AO Missed

Assessee purchased shares of WIRPPL worth ₹2.76 crore. Reassessment was triggered by Insight-P1 flag. AO issued detailed notices, examined source of investments, verified EPF withdrawal of ₹47.33 lakh, scrutinised nine bank credits, obtained PAN & confirmations of five lenders, checked bank statements, demat evidence & ledger accounts. After considering all materials, AO accepted the returned income.

PCIT

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