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2019 (5) TMI 637 - HC - Income TaxRevision u/s 263 by PCIT - alleged that cash deposits being not satisfactorily explained by the assessee and failure of AO to bring the same to tax - HELD THAT:- While recording the conclusion that the order passed by the AO is erroneous and prejudicial to the interest of the revenue, apparently the record of the assessment proceedings was not examined by the PCIT(A) in its entirety and objectivity. PCIT(A) while relying upon certain decisions of the High Court has merely recorded its ipse dixit that the AO has not examined the genuineness of the deposits claimed in the name of various persons. A perusal of the order passed by the AO reflects that the conclusion arrived at that the deposits stand reconciled was preceded by a proper inquiry. The office note appended to the Assessment Order categorically records that the assessee had produced the statement of the bank account, the copies of the bills issued to the purchasers of the tractors as also the books of account showing the entries of the deposits made in the bank. It is pertinent to note that the assessee had produced the bank statement showing that entries appearing are through transfer from another bank accounts from the account of customers for purchase of tractors either by cheque or other made. AO recorded the categorical finding that entries in the bank account are verifiable from the cash book and also the bills produced by the assessee. In this view of the matter, ignoring the factum of inquiry by the AO, the material on record and the conclusions arrived at , the proceeding initiated by the PCIT(A) u/s 263 of the Act without application of mind, has rightly been held invalid by the ITAT - no substantial question of law
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