https://www.taxtmi.com/highlights?id=65231 Revision u/s 263 - Deduction u/s 36(1)(vii) with respect to write off of interest - CIT could not invoke jurisdiction u/s 263 as the view taken by the AO was a possible/plausible view. It was only if the AO had not made any enquiry then it could be said that the order passed was erroneous. This is not a case of lack of enquiry though it may be a case of inadequate enquiry. Inadequacy of enquiry as elucidated above does not give jurisdiction to the CIT to invoke provisions of Section 263 prior to the insertion of Explanation 2. - HC en-us Tue, 23 Aug 2022 14:21:59 +0530 Tue, 23 Aug 2022 14:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65231 Revision u/s 263 - Deduction u/s 36(1)(vii) with respect to write off of interest - CIT could not invoke jurisdiction u/s 263 as the view taken by the AO was a possible/plausible view. It was only if the AO had not made any enquiry then it could be said that the order passed was erroneous. This is not a case of lack of enquiry though it may be a case of inadequate enquiry. Inadequacy of enquiry as elucidated above does not give jurisdiction to the CIT to invoke provisions of Section 263 prior to the insertion of Explanation 2. - HC Highlights Income Tax Tue, 23 Aug 2022 14:21:59 +0530 https://www.taxtmi.com/highlights?id=65231