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2023 (9) TMI 255 - AT - Income TaxRevision u/s 263 - cash deposit in Bank account during demonetization period - HELD THAT:- Assessee has failed to establish that the Assessing Officer has made necessary enquiries and that the assessee has filed necessary materials on this point. Moreover, we have already observed that there is no doubt about applicability of Explanation (2) to section 263(1) of the IT Act, assessment year being 2017-18 the assessment order as well as the impugned revisionary order having been passed after aforesaid date of 01/06/2015. we take guidance from the well settled position, as enunciated in the case of CIT vs. Amitabh Bachhan [2016 (5) TMI 493 - SUPREME COURT] held that there is nothing in section 263 to make the Commissioner confine himself to the terms of show cause notice, and further that power of revision u/s 263 of the IT Act is not contingent on giving of a show cause notice. In view of foregoing, we come to the conclusion that the case laws, on which the assessee has placed reliance, fail to advance the case of the assessee either because of amendment to section 263 of the IT Act with effect from 01/06/2015 through insertion of Explanation (2) to section 263(1) of the ITAT; or because of clearly distinguishable facts, or because of well settled position of law as established by decision of Hon'ble Supreme Court in the case of CIT vs. Amitabh Bachhan [supra] We take guidance from order of Pr. CIT vs. Venus Woollen Mills [2019 (2) TMI 292 - PUNJAB AND HARYANA HIGH COURT] in which it was held by Hon'ble High Court that where Assessing Officer did not apply mind to correctness of books of account, except to note that books of account were produced and test checked, impugned revisionary order passed u/s 263 was to be upheld. Decided against assessee.
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