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2023 (2) TMI 505 - ITAT PUNERevision u/s 263 - cash deposits and sources of properties purchased/sold and working of capital gain in respect of properties sold - case was selected under Computer Aided Scrutiny Selection (CASS) for Limited scrutiny for the reason “Large Cash deposits in bank account and the assessee has also purchased / sold one or more properties during the year - HELD THAT:- AO as per the limited scrutiny inquired every detail and evidences before the AO. He had examined them and had then passed the assessment order u/s.143(3) of the Act. There is no error committed by the AO either on fact or on law. When such is the position, the assessment cannot be held to be erroneous so as to be prejudicial to the interest of the Revenue. PCIT, on the other hand, has not brought out any satisfaction in his order as to why the assessment order should be held erroneous so as to be prejudicial to the interest of the Revenue. This is so because the PCIT has not given any finding regarding the detailed inquiry already completed by the AO which is evident in the assessment order itself. Without giving such finding regarding the entire evidences furnished by the assessee, vis-à-vis the sources of income of the assessee, merely pointing out some discrepancies which is also not coming out from the admitted facts of the case, is nothing but an action that the ld. PCIT resorted to passing order u/s.263 only for the purposes of roving enquiry not permissible within the Act. We are of the considered view that the order passed by the ld. PCIT u/s.263 is misplaced in the present facts of this case. It is not a fit case for assumption of revisionary jurisdiction and passing order u/s.263 of the Act which is held to be devoid of any merits. The order of the ld. PCIT is setaside and the appeal of the assessee is allowed.
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