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2020 (9) TMI 615 - AT - Income TaxRevision u/s 263 - AO has not properly examined and verified carriage and wages expenses - AO had also disallowed 5% of the expenses which was revised in 263 proceedings - HELD THAT:- As decided in KARTICK BOSE [2020 (1) TMI 1218 - ITAT KOLKATA] no quarrel assessee’s sale purchase figures between the group concern have been accepted per se since the AO proceeded to disallow an estimated 5% inflated amount only. We conclude in this factual backdrop that the PCIT has erred in law and on facts in holding the AO’s regular assessment to this effect as an instance of outright bogus than inflated purchases. We according go by following settled legal proposition to hold that PCIT has erred in law and on facts in assuming his sec. 263 revision jurisdiction - Decided in favour of assessee.
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