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2015 (9) TMI 1555 - AT - Income TaxRevision u/s 263 - unexplained cash deposits - Held that:- As seen from the data slips received by the AO from the bank, it refers to the same bank account and the transaction amount but the details were sent twice, as assessee’s account is a joint account with his wife. In fact AO issued a show cause notice letter dt. 04-02-2013, for which assessee replied on 25-02-2013. Ld. Pr.CIT was not correct in stating that AO has not examined vide the notice U/s. 142(1) dt. 03-07- 2012. He simply ignored the subsequent notice available on record and therefore, we are of the opinion that the opinion expressed by the Pr.CIT that AO has not examined second bank account is not correct, both on facts and/or on law. Since the issue was examined by the AO in the course of scrutiny proceedings and has concluded that there is only one account which was already accounted by assessee, no prejudice is caused to Revenue, at least in assessee’s case. Therefore, Pr.CIT is not correct in exercising jurisdiction on this issue. Excess credit - Held that:- AO had examined the turnover in this year and reduced the mobilization advance and also the turnover considered twice for deduction of tax by M/s. Megha Engineering & Infra and accordingly determined the gross receipts. He also concluded the assessee accounted the turnover in later AY. 2011-12 and gave credit for the taxes accordingly. Since this issue was also examined and determined by the AO, we do not find any reason to hold that order is erroneous. Pr.CIT himself has taken the excess credit as turnover, directed to be added as escaped turnover, which in our view is not correct. Moreover, an issue which was already examined by the AO and application of mind by the AO before passing the assessment order cannot be re-examined by Pr.CIT in the course of proceedings U/s. 263. - Assessee appeal allowed.
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