https://www.taxtmi.com/caselaws?id=425044 The HC held that the PCIT's revision under s. 263 was invalid as the requisite conditions for invoking the section were not met. The AO's disallowance of 5% on inflated purchases was upheld, and the Tribunal correctly found no dispute over sale and purchase figures or rejection of the assessee's books. The PCIT acted on conjecture without proper findings. The HC distinguished the present case from Vijay Proteins Ltd., where purchases were based on fictitious invoices, emphasizing the factual differences. The Tribunal's interference with the PCIT's order was affirmed, and no substantial question of law arose. en-us Fri, 08 Jul 2022 00:00:00 +0530 Mon, 04 Aug 2025 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425044 The HC held that the PCIT's revision under s. 263 was invalid as the requisite conditions for invoking the section were not met. The AO's disallowance of 5% on inflated purchases was upheld, and the Tribunal correctly found no dispute over sale and purchase figures or rejection of the assessee's books. The PCIT acted on conjecture without proper findings. The HC distinguished the present case from Vijay Proteins Ltd., where purchases were based on fictitious invoices, emphasizing the factual differences. The Tribunal's interference with the PCIT's order was affirmed, and no substantial question of law arose. Case-Laws Income Tax Fri, 08 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425044