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TMI Blog2023 (10) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the demonetization period, it was not the case where no enquiry was made by the A.O. during the course of assessment proceedings. Perusal of the order and reasons would indicate that these are finding of facts arrived at by the Tribunal. Having found that in response to the notice issued by the A.O, details were supplied such as Certificates from the Lakshmi Vilas Bank, certificate from the Allahabad Bank, Bank Statements of the banks concerned, cash books for the financial year 2016-17 etc., based on which the A.O had taken a decision, the Income Tax Tribunal allowed the appeal of the assessee. - HONOURABLE MR. JUSTICE BIREN VAISHNAV AND HONOURABLE MR. JUSTICE BHARGAV D. KARIA Appearance: For the Appellant(s) No. 1 : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 27,00,000/- deposited during the demonetization period by the assessee in his bank accounts? (v) Whether the Hon ble Tribunal was justified in allowing the appeal of the assessee against the order u/s. 263 of the Income Tax Act of Ld. PCIT when there was gross inadequacy in inquiry conducted as per order of the Hon ble Supreme Court in case of the Commissioner of Income Tax Vs. M/s. Paville Projects Pvt. Ltd. (CA No. 6126 of 2021 (SC)? 3. Facts in brief indicated that the assessee was an individual on income from salary. The case of the petitioner was taken up for scrutiny under CASS for verifying the reasons for cash deposits during demonetization period . Pursuant to proceedings under Sec. 143 of the Income Tax Act, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee, in response to which the assessee furnished the details which have been mentioned in the preceding paragraphs. Therefore, this is not a case where no enquiry was made by the AO during the course of assessment proceedings. Further, we also observe that the assessee also duly filed his reply in response to the notice issued by the AO and various details like Certificates from Lakshmi Vilas bank and Certificate from Allahabad Bank, bank statements of Lakshmi Vilas Bank and Allahabad Bank, cash book for financial year 2016-17, VAT returns for financial year 2016-17 etc were submitted before the AO in response to this query regarding the cash deposits made by the assessee during the demonetization period. We further observe that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould not vest the Commissioner with power to re-visit the entire assessment and determine the income himself at a higher figure. 3.3 Perusal of the order would indicate that the Income-tax Appellate Tribunal and in our opinion rightly came to the conclusion that since the assessment proceedings were specifically undertaken for the reason of verifying the cash deposits during the demonetization period, it was not the case where no enquiry was made by the A.O. during the course of assessment proceedings. 3.4 Perusal of the order and reasons would indicate that these are finding of facts arrived at by the Tribunal. Having found that in response to the notice issued by the A.O, details were supplied such as Certificates from the Lakshm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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