Assessment Revised u/s 263 for Inadequate Inquiry into Cash Deposits Exceeding Reported Turnover in Savings Account.

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....Revision u/s 263 - AO has completed the assessment without making enquires or verification which should have been made in respect of deposit of cash in the savings bank accounts of the assessee, more particularly when the case was selected for assessment with limited scrutiny for the reason that “cash deposit in savings bank accounts is more than the turnover”. - Revision proceedings sustained - AT....