Shergil Harjit v. PCIT (2022) 194 ITD 218 (Pune)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Bank deposit-Senior citizens-Cash deposited out of past savings-All explanations and documents from assessee had been scrutinized and examined by Assessing Officer, in such scenario order of assessment could not be held to be erroneous and prejudicial to interest of revenue. [S. 68]

The assessee had deposited higher amount in cash in bank as against gross turnover of business. Assessing Officer held that part of cash deposit was not made from disclosed source as assessee did not file supporting evidences and made addition under section 68 of the Act.   CIT revised the order. On appeal the Tribunal held that since all explanations and documents from assessee had been scrutinized and examined by Assessing Officer, in such scenario order of assessment could not be held to be erroneous and prejudicial to interest of revenue.  (AY. 2015-16)