https://www.taxtmi.com/caselaws?id=751749 The ITAT Amritsar upheld the PCIT's revision order u/s 263, finding the AO's assessment erroneous and prejudicial to revenue interests. The case involved unexplained cash deposits u/s 68 where the assessee could not provide depositor details, goods purchase invoices, or transport documents. The tribunal held that the AO failed in his dual role as investigator and adjudicator by not conducting proper enquiry into suspicious cash transactions. Despite the assessee's argument regarding similar treatment in AY 2014-15, the tribunal ruled that res judicata principles don't apply to income tax proceedings as each year is separate. The revision was upheld, directing fresh assessment proceedings. en-us Mon, 22 Apr 2024 00:00:00 +0530 Wed, 24 Apr 2024 06:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751749 The ITAT Amritsar upheld the PCIT's revision order u/s 263, finding the AO's assessment erroneous and prejudicial to revenue interests. The case involved unexplained cash deposits u/s 68 where the assessee could not provide depositor details, goods purchase invoices, or transport documents. The tribunal held that the AO failed in his dual role as investigator and adjudicator by not conducting proper enquiry into suspicious cash transactions. Despite the assessee's argument regarding similar treatment in AY 2014-15, the tribunal ruled that res judicata principles don't apply to income tax proceedings as each year is separate. The revision was upheld, directing fresh assessment proceedings. Case-Laws Income Tax Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751749