TMI Blog2014 (4) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... thout making enquiry, the order of the AO becomes erroneous as well as prejudicial to the interest of Revenue - it is clear from the reply of the assessee before the CIT that bank account was deposited was not disclosed in the return of income - it was also contention of the assessee that the amounts so received and deposited was on account of sale of business which comes under Section 44AF – the order of the CIT is modified and the AO is directed to examine the applicability of provisions of Section 44AF – Decided partly in favour of Assessee. - ITA No. 315/Mum/2014 - - - Dated:- 11-4-2014 - Shri R. C. Sharma, AM And Dr. STM Pavalan, JM,JJ. For the Petitioner : Mr. Baboolal M. Ostwal For the Respondent : Mr. M. L. Perumal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... saction made is not reflected in the accounts nor the source of cash deposits is explained. The CIT observed that for this irregularity of the assessee, the AO has neither made any enquiry nor made any addition, which is erroneous on the part of the AO and prejudicial to the interest of Revenue. In such Circumstances, a notice u/s.263 was issued to the assessee on the following questions :- 2. On verification of the records from information received on AIR, it is seen that you had deposited cash of Rs.19.85 lacs in your bank account. However, it is seen that you had not offered any explanation regarding excess cash deposit in the bank account. 3. You are, therefore, allowed an opportunity of being heard and show cause as to why an or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld have invoked the revisionary powers u/s.263. 5. On the other hand, learned DR submitted that the order passed by the CIT u/s.263 is jus and proper, which requires no intervention. Hence, the appeal of the assessee deserves to be dismissed. 6. We have considered the rival contentions and perused the record. We found that an order cannot be termed as erroneous unless it is not in accordance with law. If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to him, the order should have been written more elaborately This section does not visualise a case of substitution of the judgment of the Commissioner for that of the Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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