PCIT's Revision u/s 263 Challenged Due to Acceptance of Audited Books in Liquor Business Income Case.

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....Revision u/s 263 by CIT - low income from liquor business - the books of account, which are duly audited and furnished before the Assessing Officer, were never rejected and therefore, the observation of the PCIT that the Assessing Officer should have adopted profit rate of 3% to 5% from liquor trade cannot be sustained. - AT....