https://www.taxtmi.com/caselaws?id=758805 ITAT Pune quashed PCIT's revision proceedings u/s 263 against a small assessee regarding cash deposits. The PCIT contended that AO failed to properly examine cash received from director's brother's in-laws and should have invoked section 56(2). However, ITAT found that AO had examined the source of cash deposits from all three family members with supporting evidence and applied his mind, though not to PCIT's satisfaction. Considering the small amount involved, assessee's minimal taxable income, and adequate explanation provided, ITAT held revision proceedings were unwarranted and decided in favor of the assessee. en-us Mon, 09 Sep 2024 00:00:00 +0530 Thu, 19 Sep 2024 08:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758805 ITAT Pune quashed PCIT's revision proceedings u/s 263 against a small assessee regarding cash deposits. The PCIT contended that AO failed to properly examine cash received from director's brother's in-laws and should have invoked section 56(2). However, ITAT found that AO had examined the source of cash deposits from all three family members with supporting evidence and applied his mind, though not to PCIT's satisfaction. Considering the small amount involved, assessee's minimal taxable income, and adequate explanation provided, ITAT held revision proceedings were unwarranted and decided in favor of the assessee. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758805