Revision u/s 263 - unexplained cash deposit during the ...

Case Laws Income Tax

February 21, 2024

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash deposits, purchases, and sales, and had accepted the return of income after verification. It was found that the PCIT's order u/s 263 was based on re-evaluation of the same material already considered by the AO without any new evidence or inquiry that justified a revision u/s 263. - The ITAT concluded that the AO's order was not erroneous nor prejudicial to the interest of the revenue.

View Source

← Previous Next →

Revision u/s 263 - unexplained cash deposit during the ...

Case Laws Income Tax

February 21, 2024

You may also like:

Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

Revision u/s 263 - Unexplained cash deposits - Merely because documents, noted by the AO to be produced by the creditor of source of cash deposit in response to summons...

Revision u/s 263 - unexplained cash deposits - AO has taken a possible view that the deposits/credits in the bank account was on account of sale of banana and has...

Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

Revision u/s 263 by CIT - Addition of unexplained cash credit u/s 68 - AO has deemed it fit and proper to treat the cash deposits as the business receipts of the...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Addition u/s 68 - unexplained cash towards cash deposits made during the demonetisation period - AO did not reject the books of accounts of the assessee and has not...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

Additions u/s 69A - Cash deposits made during demonetization period - there is no dispute that the assessee is running Petrol and Diesel retail outlet and he is the...

Cash deposit during demonetization period treated as unexplained cash credit. Assessee's claim of introducing cash as capital in proprietary concern not accepted due to...

Revision u/s 263 - source of cash deposited in the Bank account - There is a direct nexus between the transaction of sale and the cash deposited in the bank account of...

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

Revision u/s 263 - unexplained cash deposits - The tribunal rejected the notion that unexplained deposits prior to withdrawals undermined the explanation provided by the...

Revision u/s 263 - unexplained cash deposits - onus to prove - The Pr. CIT found the assessment order erroneous and prejudicial to the revenue's interests due to...

Quick Updates: