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2023 (4) TMI 883 - AT - Income TaxRevision u/s 263 by CIT - complete cash deposits in bank account has not been verified during the assessment proceedings - HELD THAT:- Admittedly, the case was selected under scrutiny on account of large cash deposits of Rs. 1.91 crores but the AO has not verified the entire cash deposits during the proceedings except the cash deposits in old demonetized currency. Accordingly, we hold that the verification has not been done by the AO during the assessment proceedings with respect to the verification of cash deposits. It is a settled position of law that non-verification of the AO renders the assessment order as erroneous in so far prejudicial to the interest of revenue. In holding so, we draw support and guidance from case of Malabar Industrial Co. Ltd. [2000 (2) TMI 10 - SUPREME COURT] - Thus no infirmity in the order framed u/s 263 - Appeal of the assessee is dismissed.
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