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2021 (11) TMI 46 - AT - Income TaxRevision u/s 263 - lack of inquiry/inadequate inquiry - whether case of difference of opinion ? - assessee's case had been reopened u/s 147 - Unexplained cash deposits - as per CIT AO had not conducted inquiries which were required to be done in the present case - HELD THAT:- Assessee's justification for the cash deposited in his bank account, as having been received from one Shri Pradeep Singh for leasing out his agricultural land to him for 10 years substantiated by an affidavit, is contradicted by the ‘nakal jamabandi’ of the said land for the period which records the assessee as cultivator of the land. Clearly these are contradictory facts, with the affidavit stating Shri Pradeep Singh as cultivator, while the Revenue records showing the assessee as the cultivator and controverting his claim that he had leased out his land to Shri Pradeep Singh. We agree with the Revenue that this contradict ion should have prompted further inquiry by the AO regarding the genuineness of the claim of the assessee that he had received amount by leasing out his land to Shri Pradeep Singh. The documents on record by no stretch justify the acceptance of the claim of the assessee by the AO. No person of sound and logical mind could have, in the circumstances, found the claim of the assessee justifiable in the light of the conflicting documents before the AO - AO, therefore, not proceeding with conducting further inquiry on the issue and having accepted the claim of the assessee, the order passed by the AO we agree with the ld. PCIT, is erroneous and prejudicial to the interest of the revenue. In the present case, it is not a case of difference of opinion but infact it is clear that the opinion of the AO was one which was not justified by the evidences on record and therefore, the finding of error by the Ld.Pr. CIT on account of lack of inquiry/inadequate inquiry by the AO on the issue is, we hold, in accordance with law for the purpose of exercising revisionary jurisdiction u/s 263 of the Act. The order of the Ld. Pr.CIT is accordingly upheld. - Decided against assessee.
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