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2022 (4) TMI 490 - AT - Income TaxRevision u/s 263 - return was selected for “Limited Scrutiny” exclusively for verification of claim of weighted deduction u/s 35(1)(ii) - inadequate or lack of enquiry - HELD THAT:- We find from the narration of facts, the ld . AO had indeed carried out requisite enquiries on the issue of deduction u/s 35(1)(ii) of the Act. Once an assessment is framed after conducting enquiries as detailed supra, then the order passed by the ld AO cannot be subject matter of revision u/s 263 - The law is now very well settled that the revision jurisdiction u/s 263 of the Act could be invoked by the ld. PCIT only in the event of “lack of enquiry‟ by the ld AO and not on account of “inadequate enquiry‟. Reliance in this regard is placed on the decision in the case of CIT vs Sunbeam Auto Ltd [2009 (9) TMI 633 - DELHI HIGH COURT]. We deem it fit and appropriate to hold that the ld. PCIT could not have validly invoked revision jurisdiction u/s 263 of the Act and hence the order passed u/s 263 of the Act by him is hereby quashed. Accordingly, the grounds raised by the assessee are allowed.
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