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2022 (11) TMI 524 - AT - Income TaxRevision u/s 263 - As per CIT, AO has not examined the details with respect to cash deposits made during the demonetization period - HELD THAT:- AO has not examined the details with respect to cash deposits made during the demonetization period. AO should have been examined in depth the source of the cash deposited during the demonetization period. DR has rightly pointed out that CIT has rightly exercised his revisionary powers u/s 263 and the AO has failed to do discharge his duty in accordance with law. Therefore, the assessment order passed u/s 143(3) of the Act has rightly been set aside by the CIT in exercising his jurisdictional power is upheld. The similar issue has been decided by the coordinate bench of the Tribunal in the case M/s Bhoopalam Marketing Services Pvt. Ltd [2022 (11) TMI 331 - ITAT BANGALORE] - Appeal of the assessee is treated as allowed for statistical purposes.
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