https://www.taxtmi.com/caselaws?id=313016 The ITAT Mumbai set aside the Principal Commissioner's order invoking revisional jurisdiction under section 263, ruling that the AO had conducted adequate enquiry. The AO had processed the return under section 143(1), selected it for scrutiny under CASS, issued statutory notices, examined the assessee's responses regarding total loss, book loss under section 115JB, interest income disallowances, section 80IA deductions, SEZ unit income, and section 14A disallowances. The tribunal held that mere loss of revenue cannot be termed prejudicial to revenue interest, and the assessment was properly framed after considering necessary details and factual examination, not in a hasty manner. en-us Wed, 18 Jul 2018 00:00:00 +0530 Tue, 19 Mar 2024 18:52:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313016 The ITAT Mumbai set aside the Principal Commissioner's order invoking revisional jurisdiction under section 263, ruling that the AO had conducted adequate enquiry. The AO had processed the return under section 143(1), selected it for scrutiny under CASS, issued statutory notices, examined the assessee's responses regarding total loss, book loss under section 115JB, interest income disallowances, section 80IA deductions, SEZ unit income, and section 14A disallowances. The tribunal held that mere loss of revenue cannot be termed prejudicial to revenue interest, and the assessment was properly framed after considering necessary details and factual examination, not in a hasty manner. Case-Laws Income Tax Wed, 18 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313016