Assessee-firm was engaged in business of manufacturing and trading of gold and silver ornaments and bullion. It filed a return of income which was selected for scrutiny under Compulsory Manual Selection on issue of cash deposit during demonetization period. Assessing Officer passed an assessment order making an addition of a certain amount. Principal Commissioner issued a revision notice on the ground that the Assessing Officer had completed assessment under section 143(3) without carrying out proper verification of the cash deposit made after demonetization, and no inquiries had been made as per Instruction No.3\/2017 and Instruction No.04\/2017 issued by CBDT to the Assessing Officer regarding the said cash deposit. Court held that on perusal of SOP issued by CBDT vide Instruction No. 3\/2017 dated 21-2-2017\u00a0 (2017) 392 ITR (Stat) 31) and Instruction No. 4 of 2017 ((2017) 392 ITR (Stat) 70) to be followed by Assessing Officer for verification of cash transactions relating to demonetization that Assessing Officer was required to verify cash deposit made by assessee in bank account during demonetization period as per SOP.\u00a0 However, verification of cash sales\/purchases as per CBDT Instruction No. 04\/2017 dated 3-3-2017 had not been done by the Assessing Officer. On writ the court held that revision order by the PCIT was justified. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263: Commissioner-Revision of orders prejudicial to revenue-Demonetization-Cash deposit-Assessing Officer had not conducted verification of cash deposit made by assessee in bank account-Revision order was affirmed.[S.115BBE, Art. 226] <\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65477","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-h25","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65477","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=65477"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65477\/revisions"}],"predecessor-version":[{"id":65478,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65477\/revisions\/65478"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}