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2018 (8) TMI 1547 - AT - Income TaxRevision u/s 263 - unexplained cash deposit - Held that:- CIT is correct in invoking jurisdiction u/s 263 of the Act. Coming to the main contention of the assessee with respect to the explanation to introduce u/s 263 of the Act though there cannot be any quarrel that the CIT cannot revise each and every order, if enquiries are not carried out as per his wisdom. In such cases, it should be the wisdom of the Ld. Assessing Officer, and if the enquiries conducted are reasonable then the CIT despite explanation (2) to Section 263, cannot revise orders passed by the AO. However, if there is no iota of any enquiry made by the AO then it cannot be said that the power of the revision invoked by the Ld.CIT is unsustainable. In the present case, when the A.O even did not care to obtain necessary documentary evidence to reconcile the amount of cash deposit with the explanation of the assessee where a short fall ₹ 1 lac is shown and accepted the explanation of receipt of ₹ 5 lacs from the wife of the assessee without any documentary evidence, then, non fault can be found with the order of the Ld. CIT. In view of this, we uphold the order of the CIT passed u/s 263 dated 11/2/2016 holding that the assessment order passerby the AO u/s 143(3) of the Act on 28/2/2014 is erroneous and prejudicial to the interest of the Revenue. Appeal of the assessee is dismissed.
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