Revisional power unjustified as detailed inquiry conducted by AO

Gurdeep Singh Vs PCIT (ITAT Chandigarh) ITAT Chandigarh held that invocation of revisional power under section 263 of the Income Tax Act unjustified once detailed inquiry conducted by AO on the matter. Facts- The assessee is the sole proprietor of M/s Sunrise Steels which is engaged in the trading of MS Bar, Angle, Patti etc. PCIT set aside this order passed by the AO u/s 143(3) of the Act exercising powers u/s 263 of the Act. It was alleged that AO has simply raised a query and accepted the returned income ignoring the fact that huge deposits were made in the demonetization period and compara...