TMI Blog2022 (10) TMI 595X X X X Extracts X X X X X X X X Extracts X X X X ..... IT has not rebutted by the appellant before us in any manner. Case law in the matter is legion, each decision having been rendered in the fact settings of that specific case. We in fact find the decisions in Rampyari Devi Sarogi [ 1967 (5) TMI 10 - SUPREME COURT] and Deekap Kumar Garg [ 2007 (5) TMI 186 - MADHYA PRADESH HIGH COURT] as squarely applicable in the facts of the instant case. We find no reason to interfere with the impugned order and, accordingly, decline to. - Decided against assessee. - I. T. A. No. 50/JAB/2022 - - - Dated:- 29-9-2022 - SHRI SANJAY ARORA , HON BLE ACCOUNTANT MEMBER And SHRI MANOMOHAN DAS , HON'BLE JUDICIAL MEMBER Appellant by : Shri Nitin Agrawal , Advocate Respondent by : Shri Shravan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lture income. The assesse has also exempt income of Rs. 302/-. Total of this is Rs. 1,75,88,002/- The same is verified and found acceptable. The assesse has deposited cash of Rs. 16,39,320 during the period of demonetization. The assessee has stated that deposited cash is out of past savings. It is seen that the assesse is having huge income compared to cash deposited in bank account which is tandem with the return of income filed by the assessee. (emphasis, ours) Subsequently, the ld. Pr. CIT vide order dated 21/03/2022, passed under section 263 of the Act, set aside the assessment, observing that the assessment order is erroneous and prejudicial to the interests of the Revenue, and directed a de novo consideration and passing a suit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... viz. Bank statements; ITRs and computation of income of both the firms, for which he would take us through the assessee s submissions during assessment proceedings. Reference was made by him for the purpose to PB pgs. 31-33, 22-24, 90-92. That explains the acceptance by him of the assessee s claims per her return as to cash deposit and agriculture income. Sh. Gotru, the ld. CIT-DR, on the other hand, supported the impugned order. 4. We have heard the parties, and perused the material on record. 4.1 We begin by noting the observations by the AO, found deficient in terms of inquiry, inferring lack of application of mind by the ld. Pr. CIT. For agricultural income, the AO states of the assessee having furnished supporting evidences. Rega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39 lacs), no mean amount, compares with that deposited in the corresponding period during the immediately preceding year/s and/or even the succeeding year/s. What is the extent of the cash saving, much less, the basis thereof. Resultantly, the opening cash balance, ascribed to past savings, and relied upon in explanation of the cash deposited during the year, remained unverified and, in fact, indeterminate. The cash-book furnished during the revision proceedings reflects an opening cashbalance (as on 01/04/2016) at Rs. 29.45 lacs. What is the basis of the same, particularly considering that the assessee is not maintaining any day-to-day accounts. Be that as it may, this is an astounding sum to hold as personal cash, which surely requires be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has furnished the relevant details, which it has not, before the AO, but whether the same had been, where so warranted, inquired into by the AO, and which we find as clearly not. In fact, a proper inquiry by the AO in the matter, would have led to the production of the relevant material, as was the case before the ld. Pr. CIT, who though did not either verify the same or inquired thereinto, but set aside the assessment for the purpose. The law in the matter is well-settled, so that lack of enquiry, indicating non-application of mind, inflicts an order as erroneous and prejudicial to the interests of the Revenue, liable for revision, toward which the ld. Pr. CIT has relied on some case law, as under, which we regard as apposite ..... X X X X Extracts X X X X X X X X Extracts X X X X
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