https://www.taxtmi.com/caselaws?id=310546 ITAT Cuttack quashed Pr. CIT's revision order u/s 263 regarding deposit of specified bank notes. The tribunal held that Pr. CIT conducted only superficial enquiry without proper examination of assessment records. Applying precedents from Deepak Kumar Garg and Orissa State Police Housing cases, the tribunal found Pr. CIT lacked basis to conclude AO failed to examine bank note deposits adequately. The direction for re-examination of already examined issues was held impermissible under Section 263. Assessee successfully proved specified bank notes were deposited and recorded in cash book, which Pr. CIT failed to refute. en-us Wed, 24 Aug 2022 00:00:00 +0530 Mon, 30 Oct 2023 20:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310546 ITAT Cuttack quashed Pr. CIT's revision order u/s 263 regarding deposit of specified bank notes. The tribunal held that Pr. CIT conducted only superficial enquiry without proper examination of assessment records. Applying precedents from Deepak Kumar Garg and Orissa State Police Housing cases, the tribunal found Pr. CIT lacked basis to conclude AO failed to examine bank note deposits adequately. The direction for re-examination of already examined issues was held impermissible under Section 263. Assessee successfully proved specified bank notes were deposited and recorded in cash book, which Pr. CIT failed to refute. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310546