Revisionary proceedings u/s 263 justified as AO passed order without necessary enquiry

Seiko Watch India Pvt Ltd Vs PCIT (ITAT Bangalore) ITAT Bangalore held that PCIT duly invoked provisions of section 263 of the Income Tax Act as assessment order was passed by AO without carrying out necessary enquiry/verification. Facts- PCIT initiated revisionary proceedings u/s. 263 of the Act. PCIT was of the view that the Assessment Order passed u/s. 143(3) was erroneous and prejudicial to the interest of the Revenue as the AO had failed to make enquiries / verification, which should have been made. In this context, the PCIT relied on clause (a) of explanation 2 to section 263 of the Act....