PCIT cannot exercise section 263 jurisdiction merely for not liking the order of AO

Smt. Sarita Kashyap Vs PCIT (ITAT Delhi) A scrutiny of the assessment order would clearly reveal that it is not a case where the Assessing Officer has passed the order mechanically without any inquiry and proper application of mind. Whereas, learned PCIT has considered the assessment order erroneous and prejudicial to the interest of Revenue as according to him, the household expenses shown at Rs.3,50,000/- is inadequate, the explanation given by the assessee regarding reduction in gross profit rate is general in nature and as regards the commission/discount of Rs.1,39,49,992/-, the Assessing ...