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2022 (8) TMI 1073 - AT - Income TaxRevision u/s 263 by CIT - unexplained cash deposits - as per CIT neither assessee nor AO had given any logic/explanation about calculation instead of considering the whole amount of cash deposited in Akola Urban Co-op. Bank Ltd - Non enquiry/investigation by the AO against this cash deposit made Pr.CIT to rethink and proceed under section 263(1) - HELD THAT:- We do not found any force in the argument of the assessee that the view taken by the AO was one of the possible views; hence, Pr.CIT cannot exercise his powers under section 263(1) - This argument holds well where a proper verification, enquiry, justification were there in the order of the AO along with evidences and proper submission from the side of assessee. As in this case assessment was framed under section 144 and assessee had not even filed return of income under section 148 of the I.T. Act, there is no possibility of proper verification, enquiry, justification in the order of the AO along with evidences and proper submission from the side of assessee. We are not inclined to interfere in the order of Ld. Pr.CIT. In our opinion, the order of Ld. Pr.CIT (directing AO to re-verify the entries of cash deposit after giving assessee a proper opportunity of being heard) is of two fold, i.e. on the one hand it directs the AO to re-verify the matter to protect the interest of Revenue with proper justification and on the other hand it’s an opportunity to the assessee also to substantiate his claim about the source of the cash deposit and its consequences thereafter. - Decided against assessee.
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