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2016 (12) TMI 799 - AT - Income TaxRevision u/s 263 - cash deposits in bank accounts - Held that:- It is clear that Assessing officer examined the issue of cash deposits in bank accounts of the assessee in question, in detail, by examining the books of account, agreement to sell and other material on record. The view of the Assessing officer is permissible under the law and is sustainable. The assessee thus proved the source of the cash deposits in his bank accounts. Reasons given by the Ld. Principal CIT in totally for setting aside the assessment order are not justified as the same are not in accordance with law. No factual error has been pointed out by the audit party in this case because case was selected for scrutiny for cash deposits in the bank accounts of the assessee. The audit party did not agree with the findings of the Assessing officer, therefore, it could not be said that the assessment order was erroneous in so far as the prejudicial to the interest of the Revenue. The Ld. Counsel for the assessee therefore, rightly contended that the contents of the show cause notice u/s.263of the I.T. are similarly worded as have been noted in the audit objection. Therefore, subsequently on mere audit objection, the Ld. Principal CIT, was not justified in initiating the proceedings u/s.263of the I.T. Act. The Principal CIT was, therefore, not justified in holding that Assessing officer did not make necessary enquiry into the matter. The Ld. Principal CIT merely disagree with the findings of the Assessing officer, therefore, it could not be termed as assessment order to be erroneous and prejudicial to the interest of Revenue. Therefore, we do not subscribe to the view of the Principal CIT in exercising jurisdiction u/s.263 - Decided in favour of assessee
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