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2022 (2) TMI 1207 - ITAT RAIPURRevision u/s 263 by CIT - unexplained cash credit u/s 68 - HELD THAT:- A specific query as regards to source of cash deposits were raised during the course of limited scrutiny assessment and in reply thereof, the appellant disclosed “three sources” of cash receipts namely; out of professional receipts and withdrawal from the capital balances of partnership firm and withdrawal from bank loan, and further it was brought to the notice that, during the year under consideration the appellant has purchased a new house property out of the advance sale proceeds received by him against sale of other house property. The records of the assessment undoubtedly reveals that, all the transactions and entries were inquired into from the aforementioned statements with respect to sources there of and upon finding the discrepancies on such inquiries, same was brought to tax as unexplained cash credit u/s 68. During the course of revisionary proceedings, it is evident that, the appellant indifferently disclosed “three sources” of cash receipts namely; out of professional receipts, withdrawal from the capital balances of partnership firm and withdrawal from bank loan, and established that there remained no un-disclosure before the lower tax authority. We concur with the contention of Ld AR that, the statements were duly verified and discrepancies were taxed after due inquiries as embedded in the statutory provisions of law and the law laid down in MALABAR INDUSTRIAL CO. LTD. VERSUS COMMISSIONER OF INCOME-TAX [2000 (2) TMI 10 - SUPREME COURT] PCIT sitting on the same fence overlooked the inquiries conducted by the lower tax authority like leaving the dead unattended and hence we do not concur with the views of Ld PCIT that, assessment lacks proper inquiry into sources of cash receipt / deposits for the reasons set in the preceding paragraphs. Thus the assessment proceeding suffers from no-infirmity so far as the conduction of inquiry is concern; consequently, we do not hesitate in upholding the order of Ld PCIT with infirmity and quashed the revisionary order passed u/s 263. - Decided in favour of assessee.
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