https://www.taxtmi.com/caselaws?id=310485 ITAT Kolkata held that CIT's revision u/s 263 was unjustified regarding abnormal cash deposits during demonetisation. The assessee had withdrawn Rs.1,35,00,000 from credit facility before demonetisation announcement and redeposited unused cash during the prescribed period due to circumstances preventing home retention. AO had conducted proper enquiry during assessment proceedings. CIT failed to demonstrate how the assessment order was erroneous or caused revenue prejudice, merely observing it was erroneous without plausible reasoning. ITAT quashed the revision order and allowed the assessee's appeal. en-us Mon, 10 Oct 2022 00:00:00 +0530 Fri, 27 Oct 2023 09:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310485 ITAT Kolkata held that CIT's revision u/s 263 was unjustified regarding abnormal cash deposits during demonetisation. The assessee had withdrawn Rs.1,35,00,000 from credit facility before demonetisation announcement and redeposited unused cash during the prescribed period due to circumstances preventing home retention. AO had conducted proper enquiry during assessment proceedings. CIT failed to demonstrate how the assessment order was erroneous or caused revenue prejudice, merely observing it was erroneous without plausible reasoning. ITAT quashed the revision order and allowed the assessee's appeal. Case-Laws Income Tax Mon, 10 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310485