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2022 (10) TMI 1211 - ITAT KOLKATARevision u/s 263 - CIT has gone through the record and formed an opinion that during demonetisation period, there was abnormal increase in cash deposit as compared to average rate of cash deposit during pre-demonetisation period - HELD THAT:- The case of the assessee is that it has made sufficient withdrawals starting from 19.10.2016 out of its C.C. facility. The withdrawal before the demonetisation was declared was about Rs.1,35,00,000/-. If it was not used in purchases, then it has to be re-deposited. The abnormal circumstance of high deposit is the reason that such currency could not be retained at home, it has to be sent to the Bank during the given period of time. This fact has not been properly taken note by the ld. CIT while exercising the power u/s 263 - AO has made a due enquiry on this issue during the assessment proceedings. Commissioner failed to give any plausible reason as to why he did not agree with the opinion of AO and as to how the assessment order is erroneous by simply observing that the assessment order is erroneous is not justifiable action. It has to be demonstrated as how it is erroneous, which has caused a prejudice to the revenue CIT totally failed in this area. No hesitation to quash the impugned order. We allow the appeal of the assessee.
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