The actual profits reported by an assessee cannot be substituted by the profits that the AO believes should have been earned basis the market value of the products. There is no embargo on an entity selling its products at a price lower than the market price. The only way to substitute the reported price with another price would be by first taking an action under section 145(3) of the Act.

Further, Revenue cannot adopt a new basis to argue the sustenance of an addition before the Tribunal, which did not form the basis of such addition in the assessment order.   (AY. 2012-13 to 2014-15)