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TMI Blog2023 (2) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... ad also found that the entries to be correct. This being so, the order of the ld. Pr.CIT in respect of cash deposit maintained with SBI Joda Branch, no more survives for revision u/s.263 of the Act and consequently the same stands quashed. Cash deposits in his bank account maintained with Bank of Baroda, Barbil Branch - In respect of Rs.2,50,000/-, admittedly the cash is belonging to the assessee. A perusal of the assessment order in the case of the assessee shows that there is no mention by the AO in respect of the examination of the same. The assessee has not been able to produce any evidence to show that the AO has examined the issue. This being so, the order u/s.263 of the Act is upheld for the limited purpose of the issue to be ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,000/- related to the petrol pump run by Joshi Enterprises and the amount has been deposited in the bank account of Joshi Enterprises though mistakenly in the PAN Number of the assessee. It was the submission that the bank account though in the name of the assessee, however, the same was operated on behalf of Joshi Enterprises. It was the submission that the bank account was also disclosed in the accounts of Joshi Enterprises. In respect of the amount of Rs.2,50,000/-, it was submitted that the money belonged to the assessee and the same was deposited in the bank account of the assessee and the assessee has also the source for the same. It was the submission that the AO had examined these issues when passing the assessment order u/s.143(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29.11.2019 though the issue has been considered by him. It was the submission that the order u/s.263 of the Act is liable to be quashed. 4. In reply, ld. CIT-DR vehemently supported the order of the ld. Pr.CIT. It was the submission that the order passed by the AO is a non-speaking order. It was further submitted that in respect of the cash deposit of Rs.35,66,000/- in the name of Joshi Enterprises, there is no mention by the AO of the assessee of the issue being referred to the AO of Joshi Enterprises for verification. It was thus, submitted that the order passed u/s.263 of the Act is liable to be upheld. 5. We have considered the rival submissions. A perusal of the assessment order in the case of Joshi Enterprises clearly shows that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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