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2023 (3) TMI 1346 - AT - Income TaxRevision u/s 263 by CIT - Cash deposited in bank account unexplained - As per CIT assessee failed to provide explanation in respect of sources of funds introduced as capital and creditworthiness of the lender - HELD THAT:- AO specifically called for the details in the specified format as per the CBDT Circular to examine the cash deposits made by the assessee and the assessee had given a detailed reply explaining the circumstances and the sources for cash deposits by producing details of purchases, sales, cash book, stock registers, VAT return etc., and the increase in demand of gold during that period being wedding season when compare to the corresponding previous year. All these details and explanation were also produced before the Ld. Pr.CIT, however, the Ld. Pr.CIT in her order observed that even during the revision proceedings assessee has failed to provide the documentary evidences to prove its contention which is entirely contrary to record. The Ld. Pr.CIT had made no efforts to examine the evidences and replies furnished by the assessee explaining the anomalies pointed out by the Ld. Pr.CIT. Thus we set aside the order of the Ld. Pr.CIT passed u/s 263 - Grounds of appeal of the assessee are allowed.
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