Section 263 Revision Invalid: CIT Cannot Revise When Assessing Officer Conducts Satisfactory Enquiries and Verification.

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....Revision u/s 263 by CIT - The Explanation–2 to section 263 of the Act can be invoked only when no enquiries or verification is carried on otherwise it cannot be invoked. In the given case, the Assessing Officer has carried on the enquiries and verification to his satisfaction which may not be to the satisfaction to the ld. Pr. CIT. Therefore, assumption of jurisdiction fails. - AT....