PCIT Revision Upheld: AO Failed to Verify Low Profit Margin & Audit Need (Sec 263)

Devendra Kumar Deshmukh Vs PCIT (ITAT Raipur) No audit, low profit margin-  AO’s acceptance of return without verification termed “erroneous & prejudicial” — Revision sustained – O’s Failure to Examine Deemed Erroneous Under Section 263; Low Profit, No Audit: ITAT Upholds PCIT’s Order Setting Aside Mechanical Assessment Assessee, a liquor contractor & retailer, was awarded licence by the Chhattisgarh Excise Department for Kera Group, Janjgir District. Based on data from the Insight Portal, it was found that he had liquor purchases of ₹2.14 crore, cash depos...