2022 (12) TMI 1618

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....R R.S. SYAL, VP : This appeal filed by the assessee is directed against the order dated 31-03-2021 passed by the Pr. CIT-3, Pune u/s. 263 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the A.Y. 2016-17. 2. Briefly stated, the facts of the case are that the assessee furnished a return, which was selected for limited scrutiny on the ground of "Large Cash Deposit....

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....through the relevant material on record. It is seen that the only reason taken note of by the ld. PCIT for revising the assessment order is that the assessee had deposited Rs. 92.25 lakh in his savings bank account which was not properly examined by the AO. The assessee categorically submitted before the AO that the cash did not pertain to him but to the Trust, of which he was a trustee and the ba....