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2021 (9) TMI 192 - AT - Income TaxRevision u/s 263 - unexplained cash deposits - Lack of enquiry or inadequate enquiry - reopening of assessment u/s 147 initiated - HELD THAT:- Assessing Officer during the assessment proceedings required the assessee to furnish detail income tax return, computation of income, details of bank statement and the reply of questionnaire raised to assessee about the source of deposits. Before us the Ld. AR of the assessee vehemently submitted that assessee’s declared income of ₹ 1.80 lakh from business of transportation under section 44AE and ₹ 1.39 lakh from trading in building material respectively (being @ 8% of total turnover of ₹ 17.44 lakh). Assessing Officer made sufficient enquiries during the assessment and took reasonable and possible view. In our view, if the review taken by Assessing Officer is not acceptable Ld. PCIT, order under section 263 cannot be treated as erroneous and prejudicial to the interest of Revenue for revising the order Assessing Officer by invoking power under section 263 of the Act the twin condition i.e., order is erroneous and in so far as prejudicial to the interest of Revenue must be fulfilled simultaneously at the cost of repetition. It is not a case of lack of enquiry, the Ld. PCIT while passing the order under section 263 held that Assessing Officer has not made adequate enquiry. Therefore the order passed by Ld. PCIT under section 263 is not sustainable and the same is quashed. - Decided in favour of assessee.
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