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Ld. Pr. CIT during the verification of assessment records observed that the assessee had made cash deposits in Bank amounting to Rs. 29,40,000/- during the year and that the explanation regarding such huge cash deposits was neither furnished by the assessee nor called for by the assessing officer during the course of assessment proceedings.

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Sec. 263 of Income Tax Act, 1961— Revision —Assessment order passed by the assessing officer is neither erroneous nor prejudicial to the interest of revenue since sufficient enquiry has been conducted by the AO during assessment proceedings with regard to the issues raised by the CIT in the show cause notice issued u/s 263 - SAMEER GUPTA V/s PR. CIT - [2020] 82 ITR (TRIB) 180 (ITAT-INDORE)