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Once necessaries enquiries are conducted and the claim of assessee is found in accordance with law and also not in violation of Board Circulars/ instructions and the AO adopted a plausible view permissible in law then such view cannot be overruled by taking recourse of section 263 of the Act. The ld. Pr.CIT should have shown that the view taken by the AO is unsustainable in law. Simply expressing the view that the AO should have conducted enquiries in a particular manner as desired by him then such course of action of ld. Pr. CIT is not in accordance with mandate of provision of Section 263 of the Act. n light of aforesaid discussion, we find that on the issue of deposits in the assessee’s bank account, the AO has duly examined the matter and has taken a considered view and the ld Pr CIT was not correct in exercising jurisdiction under section 263 of the Act in remanding the matter for fresh adjudication. 31. In the entirety of facts and circumstances of thecaseand in light of aforesaid discussion and following the decisions referred supra, we are of the considered view that in respect of both the issues, the ld Pr CIT was not correct in exercising jurisdiction under section 263 of the Act and the order passed by the ld Pr. CIT passed u/s 263 is accordingly set-aside and the order passed by the AO u/s 143(3) r/w 147 is sustained. In the result, the appeal of the assessee is allowed

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Sec. 263 of Income Tax Act, 1961— Revision —  On the basis of certain information received by the Assessing officer, notice u/s 148 of the Act was issued to assessee on 17-08-2015 and in response to said notice, the assessee filed his return of income on 21.11.2016 declaring total income and the assessment was subsequently completed u/s 143(3) r/w 147 vide order dated 30.12.2016 at an assessed income wherein addition  was made towards undisclosed receipts in bank account u/s 68.  CIT, Ajmer thereafter examined the assessment records of assessee and held that Assessing officer failed to make requisite inquiries with reference to the explanation offered by assessee during the course of assessment proceedings and therefore, the order passed by the Assessing officer is erroneous and prejudicial to the interest of Revenue.
In thr findings of facts the tribunal find that on the issue of deposits in the assessee’s bank account, the AO has duly examined the matter and has taken a considered view and the CIT was not correct in exercising jurisdiction under section 263 of the Act in remanding the matter for fresh adjudication, therefore the order passed by the CIT u/s 263 was accordingly set-aside and the order passed by the AO u/s 143(3) r/w 147 was sustained. The appeal of the assessee was allowed. --- BALURAM JAT S/O SHRI GHASIRAM JAT vs. Pr. CIT. [2020] 23 ITCD Online 51 (JAIPUR)