Section 263 Revision Justified Due to AO’s Inadequate Inquiry: ITAT Ahmedabad

Navin Kalidas Patel Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that non application of mind or wrong assumption of facts or incorrect application of law by the A.O. will make the order erroneous and pre-judicial to the interest of revenue. Thus, as order passed without adequate inquiry, revision u/s. 263 justified. Facts- The case was selected for scrutiny under CASS for verification of “Large investment in property (AIR) as compared to total income”. The assessment was completed u/s. 143(3) of the Act on 29.11.2017 and the returned income was accepted. Subsequently, the assessment recor...