Profit Mismatch Between Audit Report and Return Validly Revised

Ambajee Jewellers Vs PCIT (ITAT Jabalpur) 263 partly sustained: PCIT can’t revise accepted purchases, but denovo enquiry upheld on others Jabalpur  ITAT  partly allowed the Assessee’s appeal against revision u/s 263, holding that the PCIT overreached on purchases already accepted in first appeal, but was justified in directing denovo enquiry on remaining issues. The case was selected for scrutiny on abnormal cash deposits during demonetisation. The AO completed assessment u/s 143(3) making an addition of ₹2.12 crore (bogus sales). The PCIT invoked section 263 alleging inadequate enquir...