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2022 (4) TMI 538 - AT - Income TaxRevision u/s 263 by CIT - Low profit before interest and tax (PBIT) shown AND Low net profit or loss shown from large gross receipt - HELD THAT:- A perusal of the relevant paras of the impugned order reveals that the ld. PCIT has not pointed out any error, discrepancy or otherwise any incriminating material justifying his exercise of revision jurisdiction u/s 263 relating to the aforesaid two issues. The only issue raised by the ld. PCIT in para 6 of the impugned order is relating to non-deduction of TDS by the assessee on carriage inward loading and unloading expenses, however, while setting aside the assessment order, PCIT has not directed to the AO to examine the aforesaid issue of non-deduction of TDS. He has directed the AO to examine the aforesaid two issues relating to low profit before interest and tax shown and low net profit or loss shown from large gross receipts. PCIT himself has not given any finding relating to the aforesaid issues. PCIT must have some basis to form the opinion that the order of the Assessing Officer was erroneous and prejudicial to the interest of the Revenue and that basis should have been pointed out in the impugned order by the ld. PCIT. The assessment records were available to the ld. PCIT but he failed to point out any defect or discrepancy in the accounts of the assessee. In view of this, we do not find any justification on the part of the ld. PCIT in passing the impugned order u/s 263 of the Act and the same is therefore, quashed. - Appeal of assessee allowed.
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