https://www.taxtmi.com/caselaws?id=310762 ITAT held that CIT cannot invoke revisionary powers under section 263 for inadequate inquiry when AO has conducted inquiry. The case involved unexplained cash deposits in joint bank account. ITAT distinguished between lack of inquiry versus inadequate inquiry, noting AO had made detailed inquiries including correspondence with assessee regarding transactions. Court emphasized that adequacy of inquiry is AO's prerogative, and CIT cannot impose own understanding of inquiry extent. Assessment order was not erroneous as AO applied mind and accepted genuineness after considering materials. Appeal decided in favor of assessee. en-us Tue, 31 Jan 2023 00:00:00 +0530 Sat, 11 Nov 2023 08:26:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310762 ITAT held that CIT cannot invoke revisionary powers under section 263 for inadequate inquiry when AO has conducted inquiry. The case involved unexplained cash deposits in joint bank account. ITAT distinguished between lack of inquiry versus inadequate inquiry, noting AO had made detailed inquiries including correspondence with assessee regarding transactions. Court emphasized that adequacy of inquiry is AO's prerogative, and CIT cannot impose own understanding of inquiry extent. Assessment order was not erroneous as AO applied mind and accepted genuineness after considering materials. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310762