https://www.taxtmi.com/caselaws?id=450314 ITAT Visakhapatnam upheld CIT's revision order u/s 263 regarding unexplained cash deposits. The assessee claimed cash deposits were from tomato sale proceeds but failed to provide purchaser details or documentary evidence. AO accepted the explanation without proper verification or inquiry despite the case being selected for scrutiny. CIT correctly found the assessment order erroneous and prejudicial to revenue interest, directing reassessment with proper inquiries. The tribunal sustained CIT's order, deciding against the assessee. en-us Wed, 28 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 07:24:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450314 ITAT Visakhapatnam upheld CIT's revision order u/s 263 regarding unexplained cash deposits. The assessee claimed cash deposits were from tomato sale proceeds but failed to provide purchaser details or documentary evidence. AO accepted the explanation without proper verification or inquiry despite the case being selected for scrutiny. CIT correctly found the assessment order erroneous and prejudicial to revenue interest, directing reassessment with proper inquiries. The tribunal sustained CIT's order, deciding against the assessee. Case-Laws Income Tax Wed, 28 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450314