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2023 (10) TMI 1008 - AT - Income TaxRevision u/s 263 - Cash deposits in the form of old currency notes in bank account on a single day during demonetization period - PCIT observed that due to lack of enquiries and also due to incorrect and incomplete appreciation of facts and law, the assessment order u/s 143(3) has been rendered erroneous in so far it is prejudicial to the interest of Revenue - HELD THAT:- It is noteworthy to mention from the order of ld. PCIT, Udaipur that various additional documentary evidences which have been furnished in compliance to notice u/s 263 of the I.T. Act were not produced before the AO. This becomes all the more important in view of the fact that one of the key reason of scrutiny is ‘’Large squared up loan during the year’’. Since the AO has not examined the documentary evidences in respect of this issue and has not conducted the requisite verification due to which the assessment order u/s 143(3) of the I.T. Act is found to be erroneous in so far it is prejudicial to the interest of revenue. Hence, taking into consideration the above facts and circumstances, we find that the ld. PCIT is justified in holding that that the assessment order u/s 143(3) made by the AO had been rendered erroneous and prejudicial to the interest of the revenue and we concur with the findings of the ld. PCIT taking into consideration the written submissions of the assessee. Thus the appeal of the assessee is dismissed.
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