Tribunal held that\u00a0 cash deposits\u00a0 during Demonetisation period\u00a0 in respect of\u00a0 retail sale of\u00a0 petroleum products revision is not justified it is not practicable to maintain customer-specific records. When the Assessing Officer having discretion in examination of\u00a0 transactions and level of\u00a0 inquiry. Order cannot be erroneous. As regards\u00a0 Audit report available for download and examination. Assessing Officer\u2019s choice not to download and file copy for record not prejudicial to interests of\u00a0 revenue. As regards cash gift from mother and the assessee\u00a0 failed\u00a0 to explain the source\u00a0 and\u00a0 creditors\u00a0 confirmations\u00a0 were incomplete and deficient.\u00a0\u00a0\u00a0 PCIT is justified in setting aside assessment order. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits-Demonetisation-Sales-Retail sale of petroleum products, customer-specific records not practicable-Assessing Officer having discretion in examination of transactions and level of inquiry-Audit report available for download and examination-Assessing Officer\u2019s choice not to download and file copy for record not prejudicial to interests of revenue-Order is not erroneous-Cash gift from mother-Failure to explain the source-Creditors-Confirmations incomplete and deficient PCIT is justified in setting aside assessment order.[S. 68, 147 148] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50092","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d1W","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50092"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50092\/revisions"}],"predecessor-version":[{"id":50093,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50092\/revisions\/50093"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}