Allowing the appeal of the assessee the Tribunal held that, the Assessing Officer has rejected the books of account and estimated the gross profit . When the books of account is rejected the PCIT cannot invoke the revisionary power and direct the Assessing Officer to make addition u/s 68 or 41 of the Act , after accepting the returned income .( ITA No 200/CTK 2018 dt 15-11-2019 ) (AY. 2013 -14 )
Sri Purna Chandra Biswal v. PCIT ( 2020) The Chamber’s Journal – January -P. 91 ( Cuttack) (Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Rejection of books of account – Revision order directing the Assessing Officer to make addition u/s 68 or 41 is held to be not valid [ S.41, 68, 145(3)]