The case was reopened based on documents discovered during a search at another firm, revealing financial transactions. The Assessing Officer assessed the income, applying a G.P. rate of 19.40%. The PCIT invoked S.263, alleging that the AO failed to verify cash transactions and ordered a fresh assessment. However, the Tribunal quashed the PCIT’s order, ruling that the AO had adequately examined the issue of unaccounted cash sales during the assessment proceedings, held that the s. 263 could not be invoked merely because the PCIT had a differing view. Order of Tribunal is affirmed.  (AY. 2012-13)