https://www.taxtmi.com/caselaws?id=758045 ITAT Chennai dismissed the assessee's appeal challenging a revisionary order u/s 263. The assessee argued the order was passed ex-parte without adequate opportunity, beyond statutory time limits, and without jurisdiction. ITAT held that the assessee was given proper opportunity as evidenced by filed submissions, the order was passed within the two-year statutory limit, and PCIT had valid jurisdiction since the original assessment order was erroneous and prejudicial to revenue interests. The AO failed to examine cash transactions exceeding Rs. 20,000 under section 40A(3) despite the case being selected for complete scrutiny under CASS for cash deposits during demonetization. ITAT upheld the revisionary order directing fresh assessment. en-us Fri, 30 Aug 2024 00:00:00 +0530 Fri, 06 Sep 2024 07:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758045 ITAT Chennai dismissed the assessee's appeal challenging a revisionary order u/s 263. The assessee argued the order was passed ex-parte without adequate opportunity, beyond statutory time limits, and without jurisdiction. ITAT held that the assessee was given proper opportunity as evidenced by filed submissions, the order was passed within the two-year statutory limit, and PCIT had valid jurisdiction since the original assessment order was erroneous and prejudicial to revenue interests. The AO failed to examine cash transactions exceeding Rs. 20,000 under section 40A(3) despite the case being selected for complete scrutiny under CASS for cash deposits during demonetization. ITAT upheld the revisionary order directing fresh assessment. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758045