Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 1456 - AT - Income TaxRevision u/s 263 - deposit of specified bank notes - As per CIT perusal of the order of the AO passed u/s. 143(3) shows that in the assessment order there is no discussion of the deposit of the specified bank accounts in two bank accounts - HELD THAT:- As applying the principle of law laid down in the case of Deepak Kumar Garg [2007 (5) TMI 186 - MADHYA PRADESH HIGH COURT] would show that the ld. Pr. CIT has only done a semblance of enquiry by examining the assessment records and has rejected the explanation of the assessee without any proper enquiry. With this in mind, applying the principle of law laid down in the case of Orissa State Police Housing & Welfare Corporation Ltd. (2022 (4) TMI 1395 - ORISSA HIGH COURT), one comes to the clear conclusion that Pr. CIT did not have any basis on which he could have come to a view that the specified bank notes deposited by the assessee in the bank accounts had not been examined by the AO to its logical conclusion. A perusal of the order of the ld. Pr. CIT would clearly show that no enquiry has been done nor caused to be done as required u/s. 263(1) of the Act by the ld. Pr. CIT before setting aside the assessment order passed u/s. 143(3) of the Act and directing the AO to examine the issue. In fact, the direction of the ld. Pr.CIT, directing the AO to examine the issue of the deposit of the specified bank notes, is nothing but a direction for re-examination of an already examined issue. This is not permissible under the provisions of Section 263 of the Act. In the instant case, the assessee has categorically shown and proved that the specified bank notes have been deposited and is out of its cash book. This has not been refuted by the ld. Pr. CIT but only an allegation has been made that the cash balance as on 08.11.2016 has not been verified. This being so, order passed u/s. 263 of the Act by the ld. Pr. CIT stands quashed. Decided in favour of assessee.
|