Section 263 revision valid on absence or lack of enquiry

Jitendra Rana Vs PCIT (ITAT Jabalpur) Introduction: The recent case of Jitendra Rana vs. PCIT before the ITAT Jabalpur highlights the significance of thorough assessments. The Pr. CIT revised the assessment under Section 263, pointing out a lack of inquiry by the AO. The subsequent detailed order from ITAT has implications for the fresh adjudication of the case. Detailed Analysis: In this case, the assessee, Jitendra Rana, did not participate in the assessment proceedings. The AO served notices via email, which went unnoticed by the assessee. The AO adopted the sale consideration at Rs. 30 lac...