Revision u/s. 263 justified as AO accepted returned income without complete enquiry

Priya Construction Vs DCIT (ITAT Chennai) ITAT Chennai held that invocation of revisionary power under section 263 of the Income Tax Act by PCIT justified since AO erroneously accepted the returned income without complete enquiry. Accordingly, appeal of assessee dismissed and revisionary proceedings upheld. Facts- The assessee is a firm engaged in the business of civil constructions on contract basis. Post completion of scrutiny assessment, the PCIT issued notice u/s.263 of the Act on 21.02.2025 directing the assessee firm to explain why income ought not to be calculated at 8% of the gross rec...