Section 263 Invocation justified as AO passed order without Necessary inquiries

FLsmidth Pvt. Ltd. Vs PCIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai dismissed an appeal filed by FLsmidth Pvt. Ltd. against an order passed by the Principal Commissioner of Income Tax (PCIT), Chennai. The PCIT’s order, issued under Section 263 of the Income-tax Act, 1961, had set aside the Assessing Officer’s (AO) reassessment order under Section 147 and directed a fresh assessment. The core issue revolved around whether the AO had conducted sufficient verification during the reassessment proceedings. FLsmidth had filed its return of income for AY 2014-15, wh...