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2023 (2) TMI 388 - AT - Income TaxRevision u/s 263 - Unexplained cash deposit in bank account - HELD THAT:- Case of Joshi Enterprises clearly shows that the issue of cash deposit in the account maintained with SBI Joda Branch has specifically been examined by the AO. AO of Joshi Enterprises has also categorically mentioned in the assessment order that the cash deposits are reflected in the cash book. Joshi Enterprises is running a petrol pump, admittedly they are entitled to accept the specified bank notes. Thus these cash deposit does not belong to the assessee and the assessee has given the explanation for the same and it has been examined by the AO of Joshi Enterprises who had also found that the entries to be correct. This being so, the order of the ld. Pr.CIT in respect of cash deposit maintained with SBI Joda Branch, no more survives for revision u/s.263 of the Act and consequently the same stands quashed. Cash deposits in his bank account maintained with Bank of Baroda, Barbil Branch - In respect of Rs.2,50,000/-, admittedly the cash is belonging to the assessee. A perusal of the assessment order in the case of the assessee shows that there is no mention by the AO in respect of the examination of the same. The assessee has not been able to produce any evidence to show that the AO has examined the issue. This being so, the order u/s.263 of the Act is upheld for the limited purpose of the issue to be examined in respect of Rs.2,50,000/ deposited by the assessee in his bank account maintained with Bank of Baroda, Barbil Branch. Appeal of the assessee stand partly allowed.
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