https://www.taxtmi.com/caselaws?id=768873 ITAT Chandigarh allowed the appeal concerning revision under section 263 for unexplained cash deposits during demonetization. The tribunal held that where AO accepted the assessee's explanation regarding sources of cash deposits after due inquiry, and took one of the plausible views based on facts, Pr. CIT cannot substitute his own view merely because further verification was possible. The order was neither erroneous nor prejudicial to revenue interests, as established in Malabar Industrial Co. Ltd. case. The revision order was set aside in favor of the assessee. en-us Mon, 24 Mar 2025 00:00:00 +0530 Tue, 15 Apr 2025 08:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768873 ITAT Chandigarh allowed the appeal concerning revision under section 263 for unexplained cash deposits during demonetization. The tribunal held that where AO accepted the assessee's explanation regarding sources of cash deposits after due inquiry, and took one of the plausible views based on facts, Pr. CIT cannot substitute his own view merely because further verification was possible. The order was neither erroneous nor prejudicial to revenue interests, as established in Malabar Industrial Co. Ltd. case. The revision order was set aside in favor of the assessee. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768873