https://www.taxtmi.com/highlights?id=61128 Revision u/s 263 by CIT - as per CIT AO had failed to verify applicability of the provisions of Section 56(2)(viia) - As far as the invocation of Explanation 2 to Section 263 by PCIT in the present case is concerned, we are of the view that only in a very gross case of inadequacy in inquiry or where inquiry is per se mandated on the basis of record available before the AO and such inquiry was not conducted, the revisional power so conferred can be exercised to invalidate the action of AO. - AT en-us Sat, 25 Dec 2021 13:37:03 +0530 Sat, 25 Dec 2021 13:37:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61128 Revision u/s 263 by CIT - as per CIT AO had failed to verify applicability of the provisions of Section 56(2)(viia) - As far as the invocation of Explanation 2 to Section 263 by PCIT in the present case is concerned, we are of the view that only in a very gross case of inadequacy in inquiry or where inquiry is per se mandated on the basis of record available before the AO and such inquiry was not conducted, the revisional power so conferred can be exercised to invalidate the action of AO. - AT Highlights Income Tax Sat, 25 Dec 2021 13:37:03 +0530 https://www.taxtmi.com/highlights?id=61128