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2018 (6) TMI 99 - HC - Income TaxRevision u/s 263 - assessing officer concluded the assessment accepting the income returned by the assessee in his revised return of income on the basis of peak (deposit) credit - unexplained source of investment i.e. carrying on retail business of iron and steel - Held that:- Assessee has failed to substantiate his retail business - the business is not declared to Sales Tax Department and no tax is paid, no balance sheet, profit and loss or income and expenditure account is maintained - assessee has never disclosed the details of any bank accounts even after issuance of notice u/s 143(2) - thus if the enquiry of such unexplained investment is not done then same would be erroneous order prejudicial to the interest of the Revenue u/s 263 - thus if assessee is failed to explain the source of investment of the deposits with the bank, it shall be considered as an income u/s 69 - hence order of CIT cannot be faulted with - Decided against the assessee.
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