https://www.taxtmi.com/caselaws?id=756213 ITAT Pune-AT allowed the assessee's appeal against revision order u/s 263 regarding cash deposits during demonetization period. The tribunal held that AO had conducted due enquiries by issuing various notices seeking details to substantiate source of cash deposits in Specified Bank Notes. Since AO made detailed enquiries and took a possible view after being satisfied with replies, the order though prejudicial to revenue interest was not erroneous. Pr.CIT was not justified in invoking revision powers by merely directing fresh assessment without conducting further enquiries himself. Revision order was set aside. en-us Fri, 26 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756213 ITAT Pune-AT allowed the assessee's appeal against revision order u/s 263 regarding cash deposits during demonetization period. The tribunal held that AO had conducted due enquiries by issuing various notices seeking details to substantiate source of cash deposits in Specified Bank Notes. Since AO made detailed enquiries and took a possible view after being satisfied with replies, the order though prejudicial to revenue interest was not erroneous. Pr.CIT was not justified in invoking revision powers by merely directing fresh assessment without conducting further enquiries himself. Revision order was set aside. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756213