TMI Blog2022 (6) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... m-fees/tuition fees collected were deposited in assessee s personal account. After examining and verifying all the details and registers, etc., during the financial year, the Assessing Officer has determined 8% of total cash deposits as assessee s income and brought to tax. Moreover, after further verification of bank statements, the Assessing Officer has noted that the assessee has interest receipts of Rs. .8,55,736/- and the same was also treated as income of the assessee and brought to tax. Thus, we find error in the assessment order passed by the Assessing Officer. In view of the above, the revision order passed by the ld. PCIT/CIT under section 263 - Appeal of assessee allowed. - I.T.A. No. 886/Chny/2020 - - - Dated:- 8-6-2022 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... verifying the receipts and payments accounts for the period from 01.04.2014 to 31.03.2015 and personal accounts, estimated 8% of total cash deposits as assessee s income and added to the total income of the assessee. Further, on verification of bank statement, the Assessing Officer noted that the assessee has interest receipts of Rs. .8,55,736/- and added to his total income. 3.1 Thereafter, the ld. PCIT issued notice under section 263 of the Act on 05.02.2020 on the ground that the Assessing Officer has not examined the issue properly and therefore, the order passed by the Assessing Officer is erroneous and prejudicial to the interest of the Revenue. The assessee has submitted before the ld. PCIT/CIT that the source of bank deposits are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted that the revision order passed under section 263 of the Act is not correct. 5. On the other hand, the ld. DR has submitted that as per proviso to section 263 of the Act, the ld. PCIT/CIT has to satisfy whether the assessment order passed by the Assessing Officer is correct or not. In this case, the Assessing Officer has not examined the bank deposit and strongly supported the order passed under section 263 of the Act. 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. The return filed by the assessee was selected for scrutiny for the reason that the ash deposits in savings bank account(s) is more than the turnover and issued notice under section 143( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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