https://www.taxtmi.com/caselaws?id=445337 The ITAT Amritsar ruled in favor of the assessee in a revision case under section 263. The CIT alleged that the AO failed to properly enquire about cash deposits, claiming they were from undisclosed sources. The tribunal found that the assessee had sufficient cash withdrawals during the year and that the AO had made a conscious inquiry before accepting the genuineness of cash deposits. The tribunal held that the CIT's action was based merely on a difference of opinion rather than lack of inquiry, which is insufficient grounds for invoking section 263. The revision order was quashed as bad in law. en-us Thu, 06 Jul 2023 00:00:00 +0530 Fri, 01 Dec 2023 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445337 The ITAT Amritsar ruled in favor of the assessee in a revision case under section 263. The CIT alleged that the AO failed to properly enquire about cash deposits, claiming they were from undisclosed sources. The tribunal found that the assessee had sufficient cash withdrawals during the year and that the AO had made a conscious inquiry before accepting the genuineness of cash deposits. The tribunal held that the CIT's action was based merely on a difference of opinion rather than lack of inquiry, which is insufficient grounds for invoking section 263. The revision order was quashed as bad in law. Case-Laws Income Tax Thu, 06 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445337