The assessee traded on the NSE in F&O and showed a net profit of 17 lakhs~. However, pursuant to summons u/s 133(6) issued to the assessee’s broker information collected was that net profit was Rs. 47 lakhs. ITAT held that the figure is based without any material on record and on assumptions and reconciliation done by the assessee is not taken into account. Hence the order of PCIT was quashed. (AY. 2016-2017)