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2023 (11) TMI 446 - HC - Income TaxRevision u/s 263 - Validity of reassessment proceedings - cash deposit - HELD THAT:- The notice u/s 263 was issued based on the assessment order passed on the ground that the assessment was to be treated as erroneous and prejudicial to the interest of revenue. After hearing the parties, in exercise of powers u/s 263 the revision was allowed which was a subject matter of challenge. Even the perusal of the order of the Tribunal which was challenged at the hands of the assessee indicates that, on facts the Tribunal found that during the course of assessment proceedings the inquires were made and it was found that the cash deposit was deposited by the assessee in his Savings Bank Account wherein the assessee was a joint holder with a son-Saral Kothari. When an explanation was rendered by the assessee as a set out in the order of the Tribunal, it cannot be said that the authorities could have exercised powers u/s 263 as the assessment order cannot be said to be erroneous or prejudicial to the interest of revenue. Tribunal has arrived at finding of fact that the assessing officer accepted genuineness of the claim of the assessee after inquiries and consideration of material placed on record. As clarified that we have not gone into the question of the issue of the Explanation 2 to the Section 263 of the Act. No substantial question of law arises.
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