Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 308 - ITAT CHENNAIRevision u/s 263 - Assessee deposited in old SBN during demonetisation period in excess of the cash on hand at the opening of 09.11.2016 - Assessee was selected for scrutiny under CASS “LIMITED SCRUTINY” category to examine the “Cash deposit during the year” - HELD THAT:- The vehicle loan interest, interest on overdraft and other interest payments debited in the profit and loss account nothing to do with the cash deposits made during the year. Therefore, the AO has only examined cash deposited during year for which the case was selected under CASS – Limited Scrutiny correctly. As per para 3 of the CBDT circular, referred hereinabove, the Assessing Officer cannot proceed further to examine except what is provided in para 3 of the circular. Therefore, the order passed by the AO cannot be said that it is erroneous and prejudicial to the interest of the Revenue. Following the decision of the Coordinate Benches of the Tribunal in the case of Subbunadar Chandra Sekar [2023 (1) TMI 683 - ITAT CHENNAI] the revision order passed by the ld. PCIT under section 263 of the Act cannot be upheld in the eyes of law. The case law relied on by the ld. DR has no application to the facts of the present case. - Decided in favour of assessee.
|