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TMI Blog2022 (7) TMI 1542X X X X Extracts X X X X X X X X Extracts X X X X ..... but resorted to a certain percentage - HELD THAT:- The tribunal has elaborately examined this issue, taken note of the decision of the Hon ble Supreme Court in Malabar Industrial Co. Ltd. [ 2000 (2) TMI 10 - SUPREME COURT] and allowed the appeal. Further, the tribunal has noted that the assessing officer had made an addition of 2% to the gross profit over and above the rate of gross profit of 4.63 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Chartered Accountant, the quantity details were given in respect of opening stock, purchase, sales, closing stock, etc. Tribunal pointed out that no discrepancy was found between the purchase shown by the assessee and the sales decline. Thus, on facts, the tribunal concluded that assumption of jurisdiction by the PCIT u/s 263 of the Act was erroneous. Decided in favour of assessee. - TH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us as per the finding of investigation wring of the Department and the assessing authority? ii) Whether the Learned ITAT was right in law to conclude that revision is bad in law contrary to the fact that the assessment was erroneous in so far as prejudicial to the interest of revenue, the assessing officer having failed to disallow bogus purchases fully, but resorted to a certain percentage? We ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent order and requested him to review the order under section 263 of the Act. Whether such a procedure adopted by the PCIT was legally sustainable was examined by the tribunal and in our considered view after taking note of the various decisions of the Hon ble Supreme Court it was rightly pointed out that section 263 of the Act does not permit substituting one opinion for another. That apart, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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