Revisional Jurisdiction cannot be invoked merely because AO not mentioned reason for accepting explanation of assessee

Reliance Payment Solutions Limited Vs PCIT (ITAT Mumbai) ITAT held that as long as the action of the Assessing Officer cannot be said to be lacking bonafides, his action in accepting an explanation of the assessee cannot be faulted merely because it could have been lawful to make mere detailed inquiries or because he did not write specific reasons of accepting the explanation. As for learned PCIT‟s observations regarding accepting the explanation “without appropriate evidence”, there is nothing to question the bonfides of the Assessing Officer or to elaborate as to what should have been ...