Section 263 Revisional Jurisdiction not permitted to traverse beyond jurisdiction vested with AO

R. & H. Property Developer Pvt. Ltd. Vs PCIT (ITAT Mumbai) Pr. CIT had held the order passed by the A.O under Sec. 143(3), dated 10.10.2016 as erroneous, in so far it was prejudicial to the interest of the revenue, for the reason, that he had failed to carry out proper investigation as regards the allowability of the expenditure claimed by the assessee to have been incurred for the purpose of its business. We are of a strong conviction that now when the case of the assessee was selected for limited scrutiny for the reason viz. “large investment in property (AIR) as compared to total inco...