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2022 (11) TMI 408 - AT - Income TaxRevision u/s 263 by CIT - Unexplained cash deposits made during the demonetization period in his bank account - HELD THAT:- We observe that the AO has not examined the details with respect to cash deposits made during the demonetization period in his bank account as per the CBDT guidelines with the supporting documents, he has submitted only a letter and certificate from the bank, which is placed and we do not find anywhere that there was any enquiry made by the AO in this regard viz. cash opening, availability of cash and application of cash during the demonetization period. We also observe that the AO has not verified the cash deposited by the partners and also loan taken from Dr. HT Memorial Trust and cash embezzlement and interest free advances to related persons. All these things are not been examined by the AO. DR has rightly pointed out that ld.Pr.CIT has rightly exercised his revisionary powers u/s 263 of the Act and the AO has failed to do discharge his duty in accordance with law. AO is investigating officer thereafter he is adjudicating officer. The order passed by the AO is erroneous and prejudicial to the interest of the revenue. Therefore, the assessment order passed u/s 143(3) of the Act has rightly been set aside by the ld.Pr.CIT in exercising his jurisdictional power is upheld. We upheld the order passed by the ld.Pr.CIT and the AO is directed make fresh assessment in accordance with law following the CBDT guidelines in regard to cash deposited during the demonetization period The AO is also directed to carry out his examination as per the decision mentioned in the case of Bhoopalam Marketing Services [2022 (11) TMI 331 - ITAT BANGALORE] - Appeal of the assessee is allowed for statistical purpose.
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