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The ITAT held that revision under section 263 is not warranted where the Assessing Officer (AO) has conducted a detailed enquiry, even if such enquiry is deemed inadequate, distinguishing it from a complete lack of enquiry. The Tribunal emphasized that revisionary jurisdiction under section 263 arises only if the assessment order is both erroneous and prejudicial to the revenue, and the AO's view is unsustainable in law. Since the AO raised queries during assessment, which the assessee responded to and which were accepted, the PCIT was unjustified in invoking section 263. The impugned revision order was set aside as the AO had taken a plausible view on the facts, and a second opinion cannot be substituted under section 263. The appeal filed by the assessee was allowed accordingly.
The ITAT held that revision under section 263 is not warranted where the Assessing Officer (AO) has conducted a detailed enquiry, even if such enquiry is deemed inadequate, distinguishing it from a complete lack of enquiry. The Tribunal emphasized that revisionary jurisdiction under section 263 arises only if the assessment order is both erroneous and prejudicial to the revenue, and the AO's view is unsustainable in law. Since the AO raised queries during assessment, which the assessee responded to and which were accepted, the PCIT was unjustified in invoking section 263. The impugned revision order was set aside as the AO had taken a plausible view on the facts, and a second opinion cannot be substituted under section 263. The appeal filed by the assessee was allowed accordingly.
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