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2021 (9) TMI 194 - ITAT RAIPURRevision u/s 263 - CIT set aside the reassessment order u/s 147 rws 143(3) to verify the source of cash deposits into bank & to conduct necessary enquiry - HELD THAT:- Admittedly, this case is not case of complete lack of enquiry. As noted above, the Assessing Officer during the assessment proceedings required the assessee to furnish detail income tax return, computation of income, details of bank statement and the reply of questionnaire raised to assessee about the source of deposits - assessee vehemently submitted that assessee’s declared income of ₹ 1.80 lakh from business of transportation under section 44AE and ₹ 1.39 lakh from trading in building material respectively (being @ 8% of total turnover of ₹ 17.44 lakh). To support his contention, the assessee filed balance-sheet, trading of profit and loss account as on 31.03.2015, cash book and bank statement. The assessee also claimed that assessee was having cash balance of ₹ 12.41 lakh as on 15.01.2015 and the cash balance in the immediately preceding months was ₹ 12.23 lakh, ₹ 12.02 lakh and ₹ 10.29 lakh as on 31.12.2014, 30.11.2014 and 30.10.2014 respectively. All these facts are not disputed by the Ld. CIT-DR. We find that the Assessing Officer made sufficient enquiries during the assessment and took reasonable and plausible view - if the view taken by Assessing Officer is not acceptable Ld. PCIT, which is otherwise reasonable and plausible order under section 263 cannot be treated as erroneous. For invoking power under section 263 of the Act the twin condition i.e., order is erroneous and in so far as prejudicial to the interest of Revenue must be fulfilled simultaneously at the cost of repetition. We may further add that it is not a case of lack of enquiry, the Ld. PCIT while passing the order under section 263 held that Assessing Officer has not made adequate enquiry. Therefore the order passed by Ld. PCIT u/s 263 is not sustainable and the same is quashed. Assessee’s appeal is allowed.
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