Held that AO has raised a specific query about the cash deposit made by the assessee in its bank account during the demonetization period and the assessee submitted complete details and explained that the large deposit in the bank was made out of the unutilized withdrawals made out of its CC facility before the declaration of demonetization. Tribunal held that the AO made due enquiry on the issue, therefore, the Revision order was quashed. (AY. 2017-18)
Bharat Tirtha Rice Mill v. PCIT (2022) 220 TTJ 1057 (Kol)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposit-Demonetisation-Specific query was raised in the original assessment proceedings-CIT failed to give any plausible reason as to why he does not agree with the opinion of the AO-Revision order was quashed. [S. 143(3)]