ITAT quashes Revision order of CIT as AO had a reasonable view

Smt. E. Santhakumari Vs ITO (ITAT Chennai) We noted that the Assessing Officer while framing the assessment has gone into the details of the cash deposits of Rs.30.00 lakhs and the other two more amounts of Rs.5,09,000/- and Rs.6,95,900/-. She stated before the Assessing Officer that the cash deposits is out of the gift received from her husband of Rs.30.00 lakhs and also Rs.5,09,000/- and the Assessing Officer has verified the return of income of the Assessee’s husband and the bank accounts. We noted that the Assessee’s husband sold one immovable property located at Uthandi, Chennai to on...