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        Case ID :
        Income Tax

        Revision under Section 263 was sustained because the assessing...

        Cash deposit source scrutiny leading to revision under Section 263 upholds setting aside of assessment for lack of enquiry into funds.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Revision under Section 263 was sustained because the assessing officer failed to investigate the precise source of cash deposits that constituted the immediate source of unsecured loans and partner capital; this absence of enquiry rendered the assessment erroneous and prejudicial to revenue, justifying setting aside the assessment. The determination clarifies that where equivalent cash deposits are the primary source of declared loans or capital, the AO must verify cash origin; failure to do so is a lack of enquiry (not merely inadequate enquiry). An audit objection may validly initiate revision proceedings depending on facts, and such proceedings can be upheld when enquiry lapses affect assessability.
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