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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.  23 ITCD Online 51 (JAIPUR)