In course of assessment, AO made enquiries about source of deposit which was explained. CIT held that cash deposits not being satisfactorily explained, passed a revisional order setting aside assessment. Tribunal set aside the revisional order. High Court affirmed the order of Tribunal and held that AO had recorded a categorical finding that entries in bank account were verifiable from cash book and also bills produced by assessee. Revision is held to be not valid. (AY.2009 10)
PCIT v. Dilip Kumar Swami (2019) 264 Taxman 33 (Raj.)(HC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue– Cash credits- Sale of goods-Produced statement of bank account, copies of bills issued to purchasers as also books of account showing entries of deposits made in bank-Revision is held to be not valid. [S. 68]