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2022 (7) TMI 1453 - HC - Income TaxRevision u/s 263 - Estimation of income - Addition u/s 69C - Tribunal has elaborately examined this issue, taken note of the decision of Malabar Industrial Co. Ltd. [2000 (2) TMI 10 - SUPREME COURT] and allowed assessee appeal - HELD THAT:- 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% totalling to 7.63%. It appears that after completing the assessment the assessing officer addressed the PCIT stating that certain error has occurred in the assessment order and requested him to review the order u/s 263. 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. Tribunal has specifically recorded a factual finding that the assessee had produced all necessary details of the purchase, sales, audited books of accounts, quantity details, etc. Tribunal found that the assessee's books of accounts were audited 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 under section 263 of the Act was erroneous. There is no error in the order passed by the tribunal nor there is any perversity in its approach for us to interfere. Revenue Appeals are dismissed.
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