Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 757 - AT - Income TaxRevision u/s 263 - cash as deposited into the bank account subsequent to announcement of demonetization - HELD THAT:- We find from the assessment order that the AO has verified bank account statements, VAT returns, audit report with final accounts schedules and has confirmed that the assessee has explained the cash deposits made in the bank account to the satisfaction of the Ld. AO. I In these circumstances of the case, we find that the Ld. Pr. CIT has erred in invoking the provisions of section 263 of the Act treating the order of the Ld. AO as erroneous insofar as it is prejudicial to the interest of the Revenue. We therefore are inclined to quash the order of the Ld. Pr. CIT passed U/s. 263 of the Act thereby upholding the order of the Ld. AO. Appeal filed by the assessee is allowed.
|