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2016 (6) TMI 783 - ITAT AMRITSARRevision u/s 263 - addition u/s 69 - Held that:- The fact of issuing of notice under section 148 is mentioned in the assessment order itself. However, in the assessment year 2008-09, we find that no such regularisation under section 148 has been mentioned in the assessment order and, therefore, in this year the revised return was after the prescribed period of time. The due date for filing the revised return in this year is March 31, 2010, whereas the revised return has been filed on June 24, 2010. Therefore it is correct that the Assessing Officer should not have taken cognizance of the revised return as the assessee had filed the revised return beyond the prescribed period of time. But the question remains that whether the Assessing Officer could have ignored such revised return. It was not even necessary on the part of the assessee to file the revised return as he could have claimed during the assessment proceedings itself that the bank deposits reflected the turnover of the assessee from retail trade because the claim of the assessee being engaged in retail trade was open to scrutiny and the Assessing Officer had carried sufficient enquiries in this respect. Therefore, these are not the cases where no enquiry has been done. In the present cases, the Assessing Officer has completed the assessments after accepting the submissions of the assessee that the bank deposits reflected the turnover from retail business whereas in the opinion of the learned Commissioner of Income-tax the additions should have been made under section 69 of the Act. The honourable Supreme Court in the case of Max India Ltd. [2007 (11) TMI 12 - Supreme Court of India ] has held that where two views are possible and the Assessing Officer has taken one of the views with which the Commissioner does not agree it cannot be treated as erroneous or prejudicial to the interest of the Revenue unless the view taken by Assessing Officer is unsustainable in law. THus we are in agreement with the arguments of learned authorised representative that the Assessing Officer had passed orders after due application of mind and these are not the cases fit for action under section 263. - Decided in favour of assessee
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