https://www.taxtmi.com/caselaws?id=444785 ITAT Jaipur upheld PCIT's revision order u/s 263 regarding cash deposits of old currency notes during demonetization. The assessee deposited large amounts in bank account on single day and had squared up loans during the year. AO failed to examine additional documentary evidence and conduct requisite verification of these transactions. PCIT correctly found the assessment order u/s 143(3) erroneous and prejudicial to revenue interest due to inadequate inquiry and incomplete appreciation of facts. Appeal dismissed. en-us Tue, 20 Jun 2023 00:00:00 +0530 Mon, 23 Oct 2023 08:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444785 ITAT Jaipur upheld PCIT's revision order u/s 263 regarding cash deposits of old currency notes during demonetization. The assessee deposited large amounts in bank account on single day and had squared up loans during the year. AO failed to examine additional documentary evidence and conduct requisite verification of these transactions. PCIT correctly found the assessment order u/s 143(3) erroneous and prejudicial to revenue interest due to inadequate inquiry and incomplete appreciation of facts. Appeal dismissed. Case-Laws Income Tax Tue, 20 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444785