Revisionary proceedings u/s 263 justified as order passed without proper inquiry and verification

Sudhir Vrundavandas Valia Vs PCIT (ITAT Mumbai) ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed by AO without proper inquiry and verification with regard to claim of deduction u/s. 80IA(4). Facts- The Appellant filed return of income for the Assessment Year 2018-19 on 17/09/2018. The case of the Appellant was selected for scrutiny. AO completed the assessment accepting returned income. Subsequently, on examination of assessment records, the PCIT noticed that one of the reasons for selection of the case of the Ap...