Revision u/s 263 can be invoked only in a gross case of inadequacy in Inquiry

Narendra Aggarwal Vs PCIT (ITAT Delhi) Conclusion: AO had applied his mind to the information and details furnished by the assessee and after considering the information, he was of the view that the short term capital gains had been correctly computed by assessee and accordingly accepted the claim, and, which was a possible view. Only in a very gross case of inadequacy in inquiry or where inquiry was per se mandated on the basis of record available before AO and such inquiry was not conducted, the revisional power so conferred could be exercised to invalidate the action of AO. Held: In the pre...