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2014 (4) TMI 699 - AT - Income TaxJurisdiction u/s 263 of the Act Validity of order of relooking of the cash deposits Applicability of section 44AF of the Act - Held that:- An order cannot be termed as erroneous unless it is not in accordance with law - If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, the order should have been written more elaborately - AO has not applied his mind with respect to the deposit in bank account, which led to increase in the capital of the assessee - where the AO frames assessment without application of mind and without making enquiry, the order of the AO becomes erroneous as well as prejudicial to the interest of Revenue - it is clear from the reply of the assessee before the CIT that bank account was deposited was not disclosed in the return of income - it was also contention of the assessee that the amounts so received and deposited was on account of sale of business which comes under Section 44AF the order of the CIT is modified and the AO is directed to examine the applicability of provisions of Section 44AF Decided partly in favour of Assessee.
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