Section 263 revision order valid if AO not examined the issue at all

Champion Dreams Vs PCIT (ITAT Mumbai) Coming to the view taken by Ld PCIT that the expenses claimed as “Compensation & Tenant Payment” should have been capitalised and should have been included in WIP, we are of the view that the Ld PCIT may not be fully correct in observing so. This is for the reason that, if the assessee has incurred these expenses in common and accordingly, if it is attributable to all the four flats received by the assessee, then what is required to be included in the value of “Closing WIP” is the proportionate cost of “Compensation & Tenant Payment” at...