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2023 (3) TMI 549 - AT - Income TaxValidity of assumption of jurisdiction u/s 263 by the ld. PCIT - case was selected under limited scrutiny for the purpose of verification of cash deposits - whether the Assessing Officer had examined the items which were subject matter of revision during the course of original assessment proceedings? - HELD THAT:- As gone through the assessment order passed consequent to the order u/s 263, wherein, the Assessing Officer only made addition in respect of cash deposits as the appellant had failed to offer any explanation in support of the sources for cash deposits, despite reasonable opportunity to the appellant. Moreover, the appellant also could not demonstrate before us that this issue was examined by the Assessing Officer during the course of assessment proceedings and took a plausible view. This fact only goes to prove that neither the Assessing Officer had enquired into the sources of cash deposits nor the appellant had offered any explanation in support of the sources for cash deposits. This clearly goes to prove the Assessing Officer had failed to examine this issue during the course of original assessment proceedings, which rendered the assessment order erroneous and prejudicial to the interests of the Revenue. In these circumstances, we are of the considered opinion that the ld. PCIT was justified in exercising the power of revision vested with him u/s 263 of the Act. Therefore, we do not find any merit in the appeal filed by the assessee.
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