https://www.taxtmi.com/caselaws?id=312222 ITAT Kolkata quashed CIT's revision order u/s 263 regarding bogus purchases. AO had added 3% profit on alleged purchases over assessee's declared GP rate of 4.63%. ITAT held that s.263 doesn't permit substituting one opinion with another. Since assessee produced audited books, quantity details, and no discrepancy existed between purchases and sales, and revenue authorities accepted evidence authenticity, AO's order wasn't erroneous. Purchase rejection without disturbing sales violated established accounting principles. CIT's revisionary jurisdiction was improperly exercised. Appeal decided in assessee's favor. en-us Wed, 22 Jan 2020 00:00:00 +0530 Wed, 07 Feb 2024 17:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312222 ITAT Kolkata quashed CIT's revision order u/s 263 regarding bogus purchases. AO had added 3% profit on alleged purchases over assessee's declared GP rate of 4.63%. ITAT held that s.263 doesn't permit substituting one opinion with another. Since assessee produced audited books, quantity details, and no discrepancy existed between purchases and sales, and revenue authorities accepted evidence authenticity, AO's order wasn't erroneous. Purchase rejection without disturbing sales violated established accounting principles. CIT's revisionary jurisdiction was improperly exercised. Appeal decided in assessee's favor. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312222