Revisional power u/s 263 invocable as order passed without making required inquiry/ verification: Delhi HC

PCIT Vs Paramount Propbuild Pvt. Ltd. (Delhi High Court) Delhi High Court held that assessment order passed without making required inquiries or verification is considered as erroneous and prejudicial to the interest of revenue, accordingly, PCIT rightly invoked revisional powers under section 263 of the Income Tax Act. Facts- The assessee is engaged in the business of real estate development. The case of the assessee was picked up for scrutiny. Post inquiry, AO determined the income of the assessee to be INR 4,55,45,110/-, while making an addition of INR 2,76,610/- u/s. 14A of the Act. CIT(A)...