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2019 (6) TMI 1694 - ITAT AMRITSARRevision u/s 263 - expenses incurred under the head hiring charges of machinery - HELD THAT:- We find that the AO in the assessment order after disallowing has allowed deduction in respect of expenses incurred under the head hiring charges for machinery. No material has been brought on record by Commissioner of Income Tax to show that the view taken by the AO in the assessment order is unsustainable. We find that similar order u/s 263 was also passed in respect of expenses under this head in the case of assessee itself for assessment years 2010-11 and 2011-12 which was set aside by the Tribunal vide its order. Capital contribution by partners - CIT admitted that documents in support of capital contribution made by partners were asked by the Assessing Officer during the assessment proceedings and the same were also furnished by the assessee. However, in his opinion the same was not enough and the AO ought to have made further inquiries in respect of this issue. Thus, we find that it is not the case of lack of inquiry by the AO - CIT could not point out any error in the conclusion of the Assessing Officer which was arrived at by the AO. In our considered view, order u/s 263 could not have been validly passed in respect of this issue. Low withdrawal by partners - CIT observed that partners, namely, Shri. Bheem Sain, Shri. Bharat Bhushan and Jiwan Kumar has withdrawn Rs.60,000/- each during the year which was considered as low. It is observed that the other partners Shri. Dharam Pal and Shri. Jivan Singla has withdrawn Rs.14,50,000/- and Rs.5,00,000/-. We find that exactly in respect of the very same issue order u/s 263 of the Act passed in the case of the assessee for assessment years 2010-11 and 2011-12 was cancelled by the Tribunal [2016 (6) TMI 1450 - ITAT AMRITSAR]. We, therefore, following the same hold that order passed u/s 263 of the Act in respect of this issue is also unsustainable. Cash deposit in HDFC Bank, Sardulgarh Branch and other bank - According to the Ld. Pr. CIT, the source of aforesaid cash deposit in bank was not enquired into by the AO. We find that it is not in dispute that the related bank accounts and cash deposit made therein were duly recorded in the books of account of the assessee. These books of account were not rejected by any authority. The books of account of the assessee itself shows the source of the said deposit in the bank account in absence of any error being pointed out in the books of account or in absence of any finding that the cash deposit in question were not recorded in the books of account. In our considered view, no interfere with the order of the AO was warranted on this issue by invoking power u/s 263 of the Act. Thus, the order passed u/s 263 of the Act in respect of this issue is also not sustainable. Therefore, we set aside the impugned order passed u/s 263 of the Act and allow the appeal of the assessee.
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