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2023 (6) TMI 267 - ITAT LUCKNOWRevision u/s 263 - validity of AO's order accepting the cash sales and resultant declaration of profits under the PMGKY Scheme - HELD THAT:- Matter relating to cash sales has been duly enquired into by the AO, specific queries has been raised from time to time, and after taking into consideration the submissions of the assessee, specific show-cause has been issued by the AO which shows due verification and application of mind by the AO, and thereafter, taking into considerations the directions of the Additional CIT who has again applied his mind and issued specific directions u/s 144A which takes into consideration the declaration of profits on cash sales and payment of taxes under the PMGKY Scheme besides other things, the assessment order has been passed by the AO. We therefore find that the matter has been thoroughly examined by the AO during the course of assessment proceedings and the ld PCIT has not stated as to how the findings so recorded by the AO accepting the cash sales and resultant declaration of profits under the PMGKY Scheme are erroneous in so far as prejudicial to the interest of the Revenue. The order of the ld PCIT is accordingly set-aside and that of the AO is sustained. Appeal of the assessee is allowed.
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