https://www.taxtmi.com/caselaws?id=306913 The Tribunal held that the Assessing Officer (AO) had conducted proper enquiries and applied his mind regarding cash deposits during the demonetization period. The AO's actions were considered reasonable, and the revision order by the Principal Commissioner of Income Tax (PCIT) was deemed unsustainable. The Tribunal quashed the revision order, allowing the appeal filed by the assessee. The judgment highlighted that a difference in opinion does not grant the PCIT the authority to revise the AO's order under section 263 of the Income-tax Act. en-us Fri, 12 Aug 2022 00:00:00 +0530 Sun, 05 Mar 2023 16:59:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306913 The Tribunal held that the Assessing Officer (AO) had conducted proper enquiries and applied his mind regarding cash deposits during the demonetization period. The AO's actions were considered reasonable, and the revision order by the Principal Commissioner of Income Tax (PCIT) was deemed unsustainable. The Tribunal quashed the revision order, allowing the appeal filed by the assessee. The judgment highlighted that a difference in opinion does not grant the PCIT the authority to revise the AO's order under section 263 of the Income-tax Act. Case-Laws Income Tax Fri, 12 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306913