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2022 (5) TMI 1377 - ITAT CHENNAIRevision u/s 263 - Unexplained cash deposits - as argued during the course of the assessment proceedings completed the assessment after conducting an enquiry into the source of cash deposits as now the revision is not possible on the same set of facts because the AO has formed an opinion which is a possible view as per law - HELD THAT:- AO while framing the assessment has gone into the details of the cash deposits and the other two more amounts - She stated before the AO that the cash deposits is out of the gift received from her husband and the AO has verified the return of income of the Assessee's husband and the bank accounts. We noted that the Assessee's husband sold one immovable property located at Uthandi, Chennai to one Smt. Mangaiyarkarasi who has paid a sum to the Assessee by way of demand draft on 28.02.2014. As claimed that the husband has gifted a sum of Rs. 30.00 lakhs and Rs. 10.00 lakhs to the Assessee and the same was deposited in the above said bank accounts, i.e. Axis Bank account maintained in the name of the Assessee. The date of the sale of this property, the date of depositing the demand draft and the date of the gift is the same, i.e. 28.02.2014. We find that the Assessing Officer has examined the same facts and reached to a conclusion that the transactions of gift are genuine and explained. Hence, we find no merit in the revision order passed by the PCIT and hence the same is quashed as the Assessing Officer had a reasonable view while framing the assessment. Thus, the revision order is thereby quashed and the appeal of the Assessee is allowed.
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