If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous

RELEVANT PARAGRAPH 11. I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration is Rs. 3303.42 lakhs as compared to Rs. 3561.15 lakhs for the immediate preceding year. Thus, there is a fall in profits by Rs. 257.73 lakhs. On the other hand, the total revenue has increased from Rs. 193946.48 lakhs to Rs. 219195.88 lakhs. The report of the directors mentions that barring a couple of divisions, t...