TaxTMI 
TaxTMI 
2022 (11) TMI 809
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....e AO is erroneous and prejudicial to the interest of the Revenue. The Ld. PCIT has travelled beyond jurisdiction and wrongly passed order u/s. 263 of the I.T. Act. 2. The Ld. PCIT has erred in invoking the revisionary powers by stating that the AO has failed to enquire and examine the cash deposits and failed to comply with the SOP issued by CBDT related to cash deposits during demonetization period. 3. The Ld. PCIT has wrongly invoked explanation-2 to Section 263 of the I.T. Act. 4. That, the Revision u/s. 263 is made on the basis of incorrect legal provisions and therefore the order u/s.263 is bad-in-law." 3. The assessee is a firm engaged in trading. The assessee firm filed return of income on 05.11.2017 declaring total income of ....
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....n Limited (BPCL). Since the assessee is engaged in the Petrol Pump of BPCL, a Government Undertaking, the assessee is covered by list of 23 categories of business exempted by RBI during the demonetisation period are duly allowed to collect old SBN/old currency of Rs.500 and Rs.1000 notes on sales at Petrol Pump. The relevant extract of RBI notification is as under:- "Government had also permitted various exemptions for certain transactions and activities wherein payment could be made through old Rs.500 and Rs.1000 notes. It has been decided that all these exemptions, with the additions and modifications as detailed below, may be continued for a further period from the midnight of 24.11.2016 upto and inclusive of 15.12.2016:- For purchas....
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.... the Act as the order is deemed to be erroneous in so far as it is prejudicial to the interest of the Revenue. The Ld. DR submitted that the assessee has not filed any submission before the PCIT during Section 263 proceedings. In the Paper Book, the assessee claimed that the Assessing Officer has called for the details and followed the procedure laid down for verification of cash deposits but the assessee failed to demonstrate as to what kind of enquiries they have conducted. The assessment order does not detail any enquiries being conducted and there is no mention of material examined or verified. The assessee furnished details dated 27.11.2019 and order was passed on 13.12.2019 and the assessment order did not mention the date of submissi....