Section 263 Cannot Be Invoked as AO Made No Addition After Enquiry: ITAT Mumbai

Mridul Shashikant Khandelwal Vs PCIT (ITAT Mumbai) U/s 263 Cannot Be Invoked Merely Because AO Made No Addition After Enquiry In a significant ruling, the Mumbai ITAT quashed a revision order passed under section 263, holding that the Principal CIT cannot revise an assessment merely because the Assessing Officer, after conducting enquiries, chose not to make any addition. The case arose from a search on the Alankit Group, pursuant to which proceedings under section 153C were initiated against the assessee based on alleged accommodation entry transactions reflected in seized material. The Asses...