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| The Tax Publishers2020 TaxPub(DT) 4980 (Ind-Trib) INCOME TAX ACT, 1961
Section 263
Specific information was called by AO about the alleged cash deposits and all the necessary evidences which could explain source of cash deposits in bank account were furnished before AO. Therefore, it was neither a case of no enquiry or inadequate enquiry and therefore, assessment order was neither erroneous nor prejudicial to the interest of revenue.
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Revision under section 263 - Erroneous and prejudicial order - No lack of enquiry as alleged by AO -
Pr. CIT held order passed by AO as erroneous and prejudicial to the interest of revenue on the ground of AO not having examined bank deposits in assessee's saving bank account. Assessee submitted that deposits made out of amount received on family partition, was duly explained before AO by furnishing evidences such as bank pass book, copy of agreement of sale of agricultural land, copy of memorandum of family settlement and copy of death certificate of assessee's father.Held: Specific information was called by AO about the alleged cash deposits and all the necessary evidences which could explain source of cash deposits in bank account were furnished before AO. Therefore, it was neither a case of no enquiry or inadequate enquiry and therefore, assessment order was neither erroneous nor prejudicial to the interest of revenue.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
IN THE ITAT, INDORE BENCH
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