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2023 (8) TMI 437 - ITAT HYDERABADRevision u/s 263 - assessee has deposited cash during demonetization period - HELD THAT:- It is an admitted fact that the assessee has made cash deposit during the demonetization period which was accepted by him from various hospitals in demonetized currency in violation of the extant provisions regarding dealing in demonetized currency. AO in the instant case has failed to investigate this aspect and passed the order u/s 143(3) accepting the income returned. In our opinion, the order passed by the AO in the instant case without enquiring the huge cash deposit in demonetized currency in violation of the extant provisions regarding dealing in demonetized currency has rendered the order erroneous and prejudicial to the interest of the Revenue. Therefore, the learned PCIT, in our opinion, is fully justified in invoking the provisions of section 263 - Decided against assessee.
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