Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “DB” BENCH, AGRA
Before: SHRI SATBEER SINGH GODARA & SHRI MANOJ KUMAR AGGARWAL
Date of Hearing 12.02.2025 Date of Pronouncement 12.02.2025 ORDER PER SATBEER SINGH GODARA, JUDICIAL MEMBER:
This assessee’s appeal for assessment year 2017-18 arises against Commissioner of Income Tax (Appeals)-1, [in short, the “CIT(A)”] Agra’s order dated 30.03.2022, in proceedings under Section 263 of the Income Tax Act, 1961, [hereinafter referred to as ‘the Act’].
Heard both the parties at length. Case file perused.
We notice during the course of hearing that the learned PCIT’s revision directions have held the Assessing Officer’s regular assessment framed on 20.12.2019 as an erroneous one causing prejudice to the interest of the revenue for the sole reason that the source of assessee’s cash deposits amounting to Rs.17,06,315/- had neither been examined nor rectified during scrutiny.
It is in this factual backdrop that the assessment order itself indicates at page 2 that the assessee’s total cash deposits of Rs.2.23 crores had been assessed as bogus sales and, therefore, the Revenue’s stand that the assessee was required to explain source of each and every cash entry, could not be held as sustainable in law. We accordingly conclude that the learned PCIT herein has erred in law and on facts in exercising his section 263 revision jurisdiction. His impugned direction stand reversed in very terms.
This assessee’s appeal is allowed.
Order pronounced in the open court on 12.02.2025