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2021 (8) TMI 28 - AT - Income TaxRevision u/s 263 - no source of cash deposited in the saving bank account held by the assessee - sale of agricultural land - HELD THAT:- Assessee had given specific reply along with copy of agreement and the details of transactions which took place in the course of sale of agricultural land held by the assessee at Village-Tigriya Sancha Dist. Dewas. AO on perusal of the bank statement, agreement of sale of agricultural land and other submissions and after making due application of mind accepted the submissions made by the assessee and assessed the income vide order dated 12.12.2016 framed u/s 143(2) r.w.s. 148. In the case of Ram Swaroop Bairagi & Others [2020 (11) TMI 822 - ITAT INDORE] and having dealt similar set of facts, are of the considered view that nexus of cash deposited in the bank account is on account of sale of agricultural land made by the assessee during the year supported by copy of agreement to sale and also find that the ld. AO has made due application of mind and conducted necessary enquiry to examine the issue of cash deposited in the bank and thus the assessment order framed u/s 143(3) r.w.s. 148 dated 12.12.2016 can neither be held as erroneous nor prejudicial to the interest of revenue. We hold that Ld. Pr. CIT wrongly assumed jurisdiction u/s 263 and therefore the impugned order deserves to be quashed. We accordingly restored the assessment order dated 12.12.2016 framed u/s 143(3) r.w.s. 148 of the Act. - Decided in favour of assessee.
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