https://www.taxtmi.com/caselaws?id=756209 ITAT Chandigarh quashed PCIT's revision order u/s 263, holding that the AO had conducted proper inquiry before accepting the return of income. The tribunal found that multiple notices u/s 142(1) and 143(2) were issued and adequately replied to by the assessee firm, demonstrating due diligence. The AO applied his mind and verified the assessee's affairs before passing the assessment order. PCIT failed to conduct minimal inquiry before terming the AO's order erroneous and prejudicial to revenue interest. The revision order was deemed without jurisdiction and irregular exercise of supervisory powers. en-us Fri, 26 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756209 ITAT Chandigarh quashed PCIT's revision order u/s 263, holding that the AO had conducted proper inquiry before accepting the return of income. The tribunal found that multiple notices u/s 142(1) and 143(2) were issued and adequately replied to by the assessee firm, demonstrating due diligence. The AO applied his mind and verified the assessee's affairs before passing the assessment order. PCIT failed to conduct minimal inquiry before terming the AO's order erroneous and prejudicial to revenue interest. The revision order was deemed without jurisdiction and irregular exercise of supervisory powers. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756209