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2023 (6) TMI 613 - AT - Income TaxRevision u/s 263 - unexplained cash deposited during demonetization - as argued reasons for initiating the complete scrutiny under Computer Aided Scrutiny Selection (‘CASS’) by AO was ‘Large Cash Deposits during Demonetization’ - HELD THAT:- The assessee filed details of notes for different denomination giving details as required by the AO - The entire cash deposits into Axis Bank account were directly made by the Debtors of the assessee and the details of cash deposits from 11 parties were furnished before the AO. We also note that the assessee has explained the questionnaire issued by the AO. After the reply of the assessee dated 28.12.2019, the AO did not ask further questions which clearly shows that the AO was satisfied with the reply submitted by the assessee and passed the assessment order. AO is an investigation officer and thereafter he is an adjudicating officer. We note from the paper books filed by the assessee that the AO has issued notice u/s. 142(1) for investigating the matter which were subject matter of issues selected for scrutiny under CASS and from the submissions by the assessee, the AO was satisfied. When the AO has formed one possible view, then the ld. Pr. CIT cannot exercise jurisdiction u/s. 263 of the Act. The order passed by the AO is not erroneous & prejudicial to the interests of the revenue. CIT is not correct in observing that the A.O. did not conduct proper enquiry on the issues before completion of assessment. Decided in favour of assessee.
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