On latest version of S. 263, held by Karnatka High Court in Saravana Developers ITA 68/2014 dtd 21-01-2016 that explanation to section 263 inserted by Finance Act 2015 authorizing exercise of powers u/s 263 where in the opinion of CIT the order is passed without making inquiries or verification which should have been made is applicable only from 01-06-2015 and can not be applied to the cases of inadequate inquiry before 01-06-2015. [Para 8 and 22 of the Judgement]