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TMI Blog2023 (10) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... fees will be deposited to the personal saving account of the assessee. From copy of income and expenditure account for the year ended on 31.03.2016 it is clear that the trust has shown fee receipt during the year and said amount includes the cash deposit to the bank account of assessee with ICICI bank. Therefore when the impugned amount was included and shown in the income and expenditure account of trust then the factual position clearly reveals the source of cash deposited to the bank account of assessee. Therefore we are unable to see any valid reason to allege the assessment order as erroneous and prejudicial to the interest of revenue and hence we are inclined to hold that the ld. PCIT was not validly empowered to invoke revisionary pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bservations made, inferences drawn and findings recorded by the Worthy Principal Commissioner of Income Tax in her order passed U/S 263 are incorrect, unreasonable and are untenable in law. 4. Drawing our attention towards original limited scrutiny assessment order u/s. 143(3) of the Act, dated 19.12.2018 for AY 2016-17, the ld. counsel submitted that the case was selected for limited scrutiny for the sole reason of large cash deposit in the saving bank account as per AIR, total turnover and other income in part a of income tax return of assessee for which the Assessing Officer issue notices u/s. 142(1) of the Act along with questionnaire dated 10.10.2018 and 10.12.2018 through ITBA system to the assessee's account in e-filing website. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order u/s. 263 of the Act and submitted that as per explanation 2 to section 263 of the Act in a case of insufficient enquiry the assessment order has to be held as erroneous and prejudicial to the interest of revenue and the same can be revised u/s. 263 of the Act. 7. On careful consideration of above submission first of all, from pages 1 to 12 of assessee paper book we note that during limited scrutiny proceedings on the sole issue of source of cash deposit to the bank account of assessee, the Assessing Officer issued to notices along with questionnaire which were duly replied by the assessee along with relevant documentary evidences and thereafter the Assessing Officer considered and adjudicated the issue in para 3 of assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was top office bearer. The resolution dated 29.07.2015 reveals that the trustees agreed and resolved that till the bank account of trust is opened the amount of cash received as fees will be deposited to the personal saving account of the assessee. From copy of income and expenditure account for the year ended on 31.03.2016 it is clear that the trust has shown fee receipt amounting to Rs. 75,74,700/- during the year and said amount includes the cash deposit to the bank account of assessee with ICICI bank. Therefore when the impugned amount was included and shown in the income and expenditure account of trust then the factual position clearly reveals the source of cash deposited to the bank account of assessee. 9. Therefore we are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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