https://www.taxtmi.com/caselaws?id=777172 ITAT held that the AO properly investigated cash deposits as directed and there was no demonstrated nexus between those deposits and the sale of two immovable agricultural properties. Consequently, the AO's failure to inquire into sale consideration could not be faulted, and the assessment was not erroneous or prejudicial to revenue. The Tribunal found that PCIT lacked jurisdiction under section 263 to revise the assessment and allowed the taxpayer's appeal. en-us Wed, 08 Jan 2025 00:00:00 +0530 Tue, 26 Aug 2025 08:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777172 ITAT held that the AO properly investigated cash deposits as directed and there was no demonstrated nexus between those deposits and the sale of two immovable agricultural properties. Consequently, the AO's failure to inquire into sale consideration could not be faulted, and the assessment was not erroneous or prejudicial to revenue. The Tribunal found that PCIT lacked jurisdiction under section 263 to revise the assessment and allowed the taxpayer's appeal. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777172