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2023 (11) TMI 228 - AT - Income TaxRevision u/s 263 by CIT - lack of enquiry proved or not? - As per CIT AO didn't enquire about the source of cash deposit as emanated from undisclosed sources - HELD THAT:- We find that apart from the cash receipts on account of professional income, the Appellant is also having enough cash withdrawals during the year under consideration. Meaning thereby that the view of the Pr. CIT that the cash deposited by the Appellant in his bank account is out of the undisclosed sources is vague and without any basis. AO has accepted the genuineness of the cash deposited in the bank account after a conscious and independent application of mind. We hold that the Ld. PCIT’s action of invoking the provision of section 263 of the Act has been on account of difference in opinion of Pr. CIT which is held to be as invalid under law. If there was an enquiry, even inadequate, that would not, by itself, give occasion to the PCIT to pass order under section 263, merely because he has a different opinion in matter; it is only in case of 'lack of inquiry' that such a cause of action can be open. See NARAIN SINGLA case [2015 (10) TMI 2371 - ITAT CHANDIGARH] Thus merely difference of opinion by itself would not give occasion to the Commissioner to pass orders under Section 263 of the said Act. Therefore, the impugned order held to be bad in law and the same is as such quashed - See ANIL KUMAR SHARMA [2010 (2) TMI 75 - DELHI HIGH COURT] - Decided in favour of assessee.
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