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2018 (4) TMI 1638 - AT - Income TaxRevision u/s 263 - unexplained cash deposited in the bank account - absence of inquiry OR lack of inquiry - as per CIT-A though assessee has claimed that the deposit in bank account is out of the sale proceeds however the assessee has not produced cash book for verification of the corresponding entries and availability of the cash in the cashbook - Held that:- The assessment in the present case was framed under section 143 (3) of the act on 31/12/2007. This itself shows that assessing officer has not looked at the books of accounts which are allegedly produced before AO as per version of the assessee on 26/12/2007. This too is the submission of the assessee before CIT (A) which has not been adjudicated by CIT (A). Mere production of books of accounts does not make the issues before us fall in to the category of "inadequate inquiry". If we agree to such an argument then, in all cases where the books of accounts were produced before the AO, then the case would fall outside the purview of section 263 of the act. Further No records of communication by the AO to assessee and reply by assessee to ld AO was shown to us to show on these four issues that the Assessing Officer had applied his mind on any of them. According to us case before us is of "lack of inquiry" and not absence of any inquiry. All judicial precedents relied up on before us related to absence of adequate inquiry but none of them dealt with the issues of complete lack of inquiry as in case before us. Hence, we do not have any hesitation in upholding action of ld CIT in invoking his jurisdiction u/s 263 - Decided against assessee.
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