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2017 (3) TMI 97 - ITAT AHMEDABADRevision u/s 263 - addition u/s 68 - Held that:- As during the course of assessment proceedings specific details were called for by the Assessing Officer about the bank statement and source of cash deposits in the bank which has been duly replied by the assessee with the total figure of cash withdrawal and cash deposits to justify that the sources of cash deposits were out of the cash withdrawal made prior to it. Even copies of cash book and bank statements were available on record for perusal. Commissioner of Income Tax u/s 263 has mentioned that the assessee has explained that the deposits made in the banks are out of the cash withdrawals during the year. However, the assessee has not explained as to why he has kept withdrawing the cash from the bank and then depositing it again throughout during the year. He has accepted that assessee had explained about the source of deposits but Assessing Officer had failed to examine these aspects which seems to us very contradictory. Once when CIT has accepted that proper explanation has been given by the assessee to the Assessing Officer then he cannot take the basis of inadequate inquiry and can direct the Assessing Officer to perform. Thus as when the Assessing Officer has conducted proper enquiry and has examined the relevant records before taking the final decision or framing the assessment order then in such circumstances ld. Commissioner of Income Tax cannot invoke the power u/s 263 of the Act for directing to frame assessment afresh. The assessment order u/s 143(3) dated 23.12.2010 is neither erroneous nor prejudicial to the interest of Revenue and accordingly we set aside the impugned order passed by ld. Commissioner of Income Tax u/s 263 of the Act - Decided in favour of assessee
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