Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 666 - AT - Income TaxRevision u/s 263 - As per CIT, AO has not examined the purchase of land and its difference in cost - return filed by the assessee was selected for scrutiny under CASS “limited scrutiny” category in respect of cash deposited during demonetisation period - HELD THAT:- It is an admitted fact that the case of the assessee was selected for scrutiny under CASS “LIMITED SCRUTINY” category to examine the deposits made during demonetisation. The assessee purchased the agricultural land on 14.07.2016, which is much prior to the cash deposits during demonetisation. Therefore, the land purchased by the assessee has nothing to do with the cash deposits made during demonetisation and both are different. Therefore, AO has only examined cash deposited during demonetisation correctly. As per para 3 of the CBDT circular, referred hereinabove, the AO cannot proceed further to examine except what is provided in para 3 of the circular. Therefore, the order passed by the Assessing Officer cannot be said that it is erroneous and prejudicial to the interest of the Revenue. Thus we quash the revision order passed under section 263 of the Act and allow the appeal of the assessee.
|