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2023 (9) TMI 99 - AT - Income TaxRevision u/s 263 - Undisclosed source of investment - PCIT noted that as per Form 26AS, the assessee has made an investment in mutual funds but has not disclosed the same in his balance sheet for the year under consideration - HELD THAT:- A perusal of the submission filed before the Assessing Officer shows that out of the total investment the assessee explained that an amoun is on account of redemption of mutual fund. However, a perusal of the bank statement shows that although the same amounts have been credited in the bank account, however, the assessee has neither shown such investment in the balance sheet under the head “investment”, nor has withdrawn the same for investment. Assessee has shown only an amount from the capital account towards drawings which he is trying to explain the source of investment - AO has completely lost his sight while accepting the explanation given by the assessee towards source of investment which not only made the assessment order erroneous but also is prejudicial to the interest of the Revenue. Under these circumstances, the order passed by the Pr. CIT cancelling the assessment order passed u/s 143(3), in our opinion, is fully justified. Decided against assessee.
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