Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1112 - AT - Income TaxRevision u/s 263 - unaccounted cash in saving bank account - no enquiry was made by the Assessing Officer for source of the total deposits appearing in the bank account as held by CIT(A) considered as erroneous to the interest of the Revenue - Held that:- In the present case, it is noticed that the Assessing Officer during the course of assessment proceedings issued a questionnaire and asked the assessee to furnish copy of bank account which was furnished and examined by the Assessing Officer thoroughly. The Assessing Officer was satisfied with the explanation of the assessee relating to the deposits and withdrawals in the bank account and no addition was made. Assessing Officer framed the assessment in accordance with law after making deep enquiry on all the issues on which the Ld. CIT presumed that proper enquiry was not made. Therefore, only on this basis that the order should be written more elaborately it cannot be said that the assessment order passed by the Assessing Officer was erroneous or prejudicial to the interest of the Revenue. We therefore, are of the view that the Ld. CIT was not justified in directing the Assessing Officer to make further investigations afresh when the Assessing Officer had already applied his mind and thoroughly examined the issues which were directed to be reexamined by the Ld. CIT. Therefore, by considering the totality of the facts of the case, we are of the view that the assessment order dated 22/07/2011 passed by the Assessing Officer was neither erroneous nor prejudicial to the interest of the Revenue. - Decided in favor of assessee.
|