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2016 (3) TMI 1378 - AT - Income TaxRevision u/s 263 - Low profit shown in the period subsequent to the survey - CIT enhanced the income - HELD THAT:- The Hon'ble Gujarat High Court in the case of CIT Vs. Amit Corporation [2012 (6) TMI 593 - GUJARAT HIGH COURT] held that where the Assessing Officer after detailed verification of record and making enquiries had framed assessment, the Commissioner of Income Tax cannot revise under section 263 The enhancement of income by the CIT is wholly unjustified because it is not pointed out in the impugned order as to what is the basis for enhancing the income and what more material was found during the course of survey against the assessee over and above the surrendered income of ₹ 1.05 crores, which would also show that the CIT has disbelieved the entire survey proceedings conducted against the assessee. AO took possible view on examination of record with which the CIT did not agree, it cannot be treated that assessment order was erroneous and prejudicial to the interests of the Revenue. AO examined the details at assessment stage after calling for details from the assessee through questionnaire time to time. AO verified all the facts at assessment stage and completed the assessment in accordance with law after applying his mind. Mere fall in GP/NP is no ground to make addition against the assessee. Even if the books of account are rejected, it is not always necessary to make addition against the assessee. Therefore, the assessment order could not be treated as erroneous in-so-far as it is prejudicial to the interests of the Revenue - Decided in favour of assessee.
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