The AO completed assessment u/s. 144 estimating agricultural income of Rs. 33,16,600/-on the basis of data obtained from National Horticultural Board. The PCIT noted that the AO estimated higher yield in respect of Tomatoes ignoring fact that the assessee itself has estimated lower yield of Tomatoes and set-aside the assessment order. The Tribunal held that the PCIT cannot exercise power conferred u/s. 263 and set aside assessment order only on the ground that the estimation made by the AO on a particular crop is higher than the estimation made by the assessee.
Sai Organic Farms v. PCIT (2023) 103 ITR 41 (SN) (Chennai) Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Difference in estimation yield in respect of Tomatoes-Set aside the assessment order-Reason to set-aside is erroneous-No prejudice caused to the interest of the revenue merely on difference in estimation.[S. 144]