PCIT cannot substitute his view with view of AO & direct AO to make assessment in a particular manner

Komara Gounder Chinnusamy Vs ITO (ITAT Chennai) The PCIT has revised assessment order passed by the AO u/s.143(3) r.w.s.147 of the Act, on the issue of trade discount received by the assessee from M/s. SKM Animal Feeds and Foods (India) Pvt. Ltd., amounting to Rs.23,16,261/-. According to the PCIT, although, the assessee has received trade discount of Rs.23,16,261/-, but the AO has estimated gross profit of 5.4% on said trade discount instead of making addition towards full amount of trade discount received by the assessee. We find that the assessee has received trade discount from M/s. SKM An...