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2023 (10) TMI 1064 - GUJARAT HIGH COURTRevision u/s 263 - Cash deposits during demonetization period - In the perception of the CIT, AO had not examined the sources of cash in hand and that the possibilities of introducing unaccounted income could not be ruled out - ITAT quashing the order u/s. 263 - HELD THAT:- Perusal of the order would indicate that the Income-tax Appellate Tribunal and in our opinion rightly came to the conclusion that since the assessment proceedings were specifically undertaken for the reason of verifying the cash deposits during the demonetization period, it was not the case where no enquiry was made by the A.O. during the course of assessment proceedings. Perusal of the order and reasons would indicate that these are finding of facts arrived at by the Tribunal. Having found that in response to the notice issued by the A.O, details were supplied such as Certificates from the Lakshmi Vilas Bank, certificate from the Allahabad Bank, Bank Statements of the banks concerned, cash books for the financial year 2016-17 etc., based on which the A.O had taken a decision, the Income Tax Tribunal allowed the appeal of the assessee.
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