TMI Blog2022 (6) TMI 686X X X X Extracts X X X X X X X X Extracts X X X X ..... der should be one that it is not debatable or plausible view. In a case where the Assessing Officer examined the claim took one of the plausible views, the assessment order cannot be termed as an erroneous . Applying the above principles to the facts of the present case, no doubt in the present case the assessment was selected for limited scrutiny under CASS for the purpose of verification of cash deposits in Savings Bank Account are more than turnover. From perusal of the original assessment order, it would clearly indicate that the Assessing Officer merely accepted the explanation of the assessee that unexplained cash deposits were made out of the sale proceeds of cotton seed cake without examining any evidence. Similarly, the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of opening cash balance of Rs.2,25,618/-. While matter stood thus, the PCIT on examination of the assessment record formed an opinion that the assessment order passed by the Assessing Officer is erroneous and prejudicial to the interests of the Revenue for the following reasons :- (i) The Assessing Officer considered the entire amount of deposits in the bank account represents the receipt of assessee s business without making any enquiries or verification. (ii) The Assessing Officer had accepted the gross receipts from agricultural activities on the basis of 7/12 extracts is Rs.10,88,325/- although the assessee had submitted only two sale bills of cotton produce which aggregated to Rs.7,65,680/-. The yield of 186 quintal s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the lower authorities submitted that despite due service of notice, the appellant had not availed the opportunity of representing the matter before the ld. PCIT by responding to the show-cause notice issued u/s 263 of the Act. There is no glory mistakes in the order of revision. Thus, it is submitted that the order of revision should not be interfered with. 7. We heard the rival submissions and perused the material on record. The issue in the present appeal relates to the validity of assumption of jurisdiction u/s 263 by the ld. PCIT. The Parliament had conferred the power of revision on the Commissioner of Income Tax u/s 263 of the Act in case the assessment order passed is erroneous and prejudicial to the interests of revenue. In or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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