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2021 (9) TMI 981 - AT - Income TaxRevision u/s 263 - Cash deposits unexplained - HELD THAT:- Bank statements are filed to submit that this issue has already been examined by the AO after taking into consideration of copy of challans and satisfied to the fact that the assessee facilitated to the clients for rendering better services received amounts from clients to pay income tax challans on behalf them and said amounts were not utilized for any other purpose. Therefore, it cannot be said that the assessee’s intention of the cash deposits into the bank was in a malafide nature to make black money into white during demonetization period. Once the AO has taken a view on the issue, on which two views are possible, the view which is taken by the AO, if Pr. CIT does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the revenue unless the view taken by the Income-tax Officer is unsustainable in law, as per the ratio laid down in the case of Malabar Industries ltd. Vs. CIT [2000 (2) TMI 10 - SUPREME COURT]. Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interests of the revenue, for example, when an Income-tax Officer adopted one of the courses permissible in law and it has resulted in loss of revenue; or where two views are possible and the Income-tax Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the revenue unless the view taken by the Income-tax Officer is unsustainable in law - in the case under consideration, the view which has been taken by the AO is one of the courses permissible in law, which cannot be brushed aside by the Pr. CIT u/s 263 - we set aside the order of the Pr. CIT passed u/s 263 of the Act, and restore the order of the AO. Accordingly, the grounds raised by the assessee on this issue are allowed.
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