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2022 (3) TMI 211 - ITAT AMRITSARRevision u/s 263 by CIT - Unexplained cash credit - As per CIT-A AO is erroneous on account of making inadequate enquiry and lack of verification at the time of making assessment in respect of cash deposit in the bank account with State Bank of Patiala, Pilibanga by holding that the assessment has been framed without making inquires - assessee was selected for scrutiny assessment under CASS for verifying the source of cash deposits in the assessee’s bank A/c - HELD THAT:- AO after necessary deliberations had taken a possible and a plausible view, therefore, the Pr. CIT was clearly divested from exercising his revisional jurisdiction u/s 263 of the Act. Our aforesaid view, that where an AO after making proper and detailed inquiry had on the basis of a possible view accepted the assessee’s claim, then, the CIT in the garb of his revisional jurisdiction u/s 263 of the Act cannot direct the AO to carry out a fuller enquiry, is supported by the judgment of Nirav Modi [2016 (11) TMI 1498 - SC ORDER]. In the aforesaid case, the AO after making a proper and detailed inquiry had formed a view that the amount received by the assessee as a gift from his relative was a genuine transaction. However, the CIT set-aside the order passed by the AO, with a direction to inquire into the capacity of the donors and therein decide about the genuineness of the gift transaction afresh. On appeal, it was, inter alia, observed by the Hon’ble High Court, that where there are two possible views and the AO had taken one of the possible views, then no occasion to exercise powers of revision can arise. It was observed by the Hon’ble High Court that the CIT could not have exercised his revisional jurisdiction for directing a fuller inquiry to find out if the view taken was erroneous, specifically when the view was arrived at by the AO after an inquiry. We are unable to persuade ourselves to find favor with the order passed by the Pr. CIT, Bathinda u/s 263 and thus set-aside the same and restore the order passed by the AO u/s 143(3) - Decided in favour of assessee.
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