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2023 (1) TMI 123 - AT - Income TaxRevision u/s 263 - unexplained cash - assessee has deposited cash during the demonetization period - HELD THAT:- CIT goes on to hold that the source of the cash deposits as explained by the assessee was without any details and no examination was done. CIT further goes on to hold that the opening cash balance was not properly explained. Consequently the ld. Pr.CIT drew the conclusion that the amount of Rs.9 lakhs representing Rs.26 lakhs less Rs.17,01,700/- was unexplained. A perusal of CIT’s order shows that he has accepted the total turnover of the assessee at Rs.17,01,700/-. He has accepted the deposit in the bank during the demonetization period of Rs.26 lakhs, though the correct figure is Rs.26,50,000/-. When this is examined along with the assessment order passed u/s.143(3) of the Act on 26.12.2019, it shows that in assessment order in the second last paragraph the opening cash balance has been examined in total by the AO by verifying the returns of the earlier years. Thus, clearly the issues as has been proposed by the ld. Pr.CIT, has already been examined by the AO and the ld. Pr.CIT under the guise of revision u/s.263 is only proposing to force his opinion over that as arrived at by the ld. AO. This is not permissible in the revisionary proceedings u/s.263 of the Act. Consequently, the order passed u/s.263 of the Act by the ld. Pr.CIT stands unsubstantiated and the same is hereby quashed. Appeal of the assessee is allowed.
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