The assessment\u00a0 was reopened to examine the cash deposited in his bank account. In the assessment order, AO enquired this aspect and was satisfied with the explanation given by the assessee. Commissioner revised the order on the ground that the\u00a0 the AO wrongly allowed exemption under s. 54B and 54F to the assessee. On appeal the Tribunal held that when the AO has not made addition on the issue of reasons recorded, he was ousted of his jurisdiction to\u00a0 make any other addition.\u00a0 Hence the Revision order is quashed and set aside on the ground that\u00a0 invalid reassessment cannot be set aside under section 263. Followed\u00a0 CIT v. Software Consultants (IT Appeal No. 914 of 2010. dt. 17th Jan, 2012) (Delhi) (HC).(AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Invalid reassessment cannot be set aside under section 263-Reopened to examine cash deposits-No addition was made-Revision on the ground that the AO has wrongly allowed exemption under section 54B and 54F-Revision order is quashed and set aside.[S.54B, 54F, 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-55623","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-et9","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55623","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=55623"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55623\/revisions"}],"predecessor-version":[{"id":55624,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55623\/revisions\/55624"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}