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TMI Blog2019 (5) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... s. A perusal of the order passed by the AO reflects that the conclusion arrived at that the deposits stand reconciled was preceded by a proper inquiry. The office note appended to the Assessment Order categorically records that the assessee had produced the statement of the bank account, the copies of the bills issued to the purchasers of the tractors as also the books of account showing the entries of the deposits made in the bank. It is pertinent to note that the assessee had produced the bank statement showing that entries appearing are through transfer from another bank accounts from the account of customers for purchase of tractors either by cheque or other made. AO recorded the categorical finding that entries in the bank accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the said deposit but he did not file any reply. The assessee was served with notice dated 22.4.13, issued under Section 148 of the Act, in response whereof the assessee vide letter dated 9.7.13 submitted that he had already filed his return of income for AY 2009-10 in the office of ITO, Suratgarh on 29.9.09 declaring income of ₹ 1,91,680/-. Notice under Section 147/143(2) was issued and served on the assessee, in response thereto, Authorised Representative of the assessee appeared before the AO and supplied the required information. The assessee submitted that the amount in the said bank account was deposited out of the amount received from various purchasers against the sale of the goods i.e. tractor and accessories ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the AO and restored the case to the AO for examination afresh in light of the observations made in the order after giving an opportunity of hearing to the assessee. 4. Aggrieved by the order passed by PCIT(A) as aforesaid, the assessee preferred an appeal before the ITAT, which has been allowed by the order under appeal dated 19.5.17 and while setting aside the order passed by the PCIT(A) under Section 263 of the Act, the order passed by the AO dated 30.12.13 under Section 147/143(3) of the Act, has been restored. Hence, this appeal. 5. The ITAT arrived at the finding that from bare perusal of the show cause notice, it is evident that PCIT(A) has not applied its mind and it was not even sure as to whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... setting aside the proceeding initiated by the PCIT(A) as invalid and void ab initio. Learned counsel would submit that in view of the categorical finding arrived at by the AO, affirmed by the ITAT no substantial question of law arises for consideration of this court in the present appeal. 8. We have considered the rival submissions and perused the material on record. 9. Indisputably, the power of revision of orders passed by the AO under Section 263 of the Act is in the nature of supervisory jurisdiction which is permissible to be exercised only when the two circumstances specified therein are satisfied; (i) the order passed by the AO is erroneous and (ii) on account of order being erroneous, prejudice has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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