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2019 (4) TMI 1520 - AT - Income TaxRevision u/s 263 - unexplained cash deposits - explanation of contra entries - deposit relates to cash sale of banana - offer in return on presumptive profit i.e. 8.06% - HELD THAT:- A perusal of the assessment order on this issue shows that the Assessing Officer has applied his mind and taken a possible view on the basis of the various details filed by the assessee. No doubt, the ld.CIT may not agree with the view of the Assessing Officer. However, it cannot be said that it is a case of no inquiry or that the view taken by the Assessing Officer is not a possible view. It has been held in various decisions that only absence of an inquiry empowers jurisdiction to the CIT to invoke the revisional power u/s 263. However, when there is some inquiry and the ld.CIT does not agree with the extent of inquiry conducted by the Assessing Officer as sufficient, he cannot invoke the jurisdiction u/s 263. AO has taken a possible view on the issue relating to the deposits/credits in the bank account by treating the same on account of sale of banana and has applied the profit rate of 8.06%, therefore, the view taken by the AO cannot be termed as not a possible view. Since the same has been determined on the basis of various replies given by the assessee, therefore, CIT, in our opinion, is not justified in invoking the jurisdiction u/s 263 on the issue of bank deposits/credits in the bank account . The order passed u/s 263 by the ld.CIT is not sustainable in law. - Decided in favour of assessee.
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