Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (4) TMI 38 - AT - Income TaxRevision u/s 263 - unexplained time deposits and cash deposits - whether PCIT has erred in issuing show case notice u/s. 263 without mentioning the DIN? - notice U/s.148 of the Act was issued on account of the reasons that the assessee has deposited certain cash in his bank account maintained with Bharatpur Urban Cooperative Bank - Pr. CIT has however stated that the order so passed by the Assessing Officer is erroneous so far as it is prejudicial to the interest of the Revenue as the order is based on mistaken view of law and erroneous application of provisions of the Act - HELD THAT:- We however find that how the order so passed by the AO is based on mistaken view of law or how the AO has erroneous applied the provisions of the law has not been spelt out by the ld. Pr. CIT. Further, there is a clear finding given by the Assessing Officer in the assessment order, as we have noted above, where the assessee was asked to explain the nature and source of the cash deposit in his bank account and after considering the submissions so filed by the assessee along with corroborative evidences that the source of such cash deposits are out of his agricultural produce, the cash deposits were found duly explained and the returned income was accepted. Therefore, the findings of the ld. Pr. CIT that the assessee failed to submit the source of cash deposit made in his bank account and the AO has not made proper investigation and verification of the issue is borne out of the records and therefore cannot be accepted. In view of the same, we are of the considered view that there is no basis to hold that the order so passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interest of the Revenue. In view of the same, other contention raised by the Ld. AR regarding non-quoting of DIN is considered not necessary to adjudicate and left open. - Decided in favour of assessee.
|