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2023 (3) TMI 1372 - AT - Income TaxRevision u/s 263 - cash deposited during the demonetization period - PCIT was of the view that the AO has accepted the explanation of cash deposits without proper verification and assessee has failed to furnish a satisfactory explanation regarding the source of cash deposited in bank - HELD THAT:- As from the perusal of the order of the AO and details furnished by the assessee it is clear that the AO has done a proper verification of the details of cash deposited and has given a clear finding with respect to the same. The PCIT in his order has stated that the AO ought to have conducted further enquiry to check whether the deposits satisfy the test of section 68. This view of the ld. PCIT, in our opinion, is not the right reason for exercising revisionary powers u/s. 263 of Act, as the error envisaged by Section 263 of the Act is not one that depends on possibility as a guess work, but it should be actually an error either of fact or of law. As relying on the decision of Gabriel India Ltd [1993 (4) TMI 55 - BOMBAY HIGH COURT] PCIT is not justified in setting aside the order of the AO and accordingly we hold that the order of the PCIT u/s. 263 is without jurisdiction and liable to be quashed. Decided in favour of assessee.
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