Revision order u/s 263 rightly passed as AO failed to examine cash deposited during demonetization

K. Rajeswari Vs ACIT (ITAT Chennai) ITAT Chennai held that as cash deposited by assessee received from petty shop owners on account of sale of its product during demonetization period was not examined by AO during assessment. Accordingly, PCIT rightly passed revision order u/s 263 directing AO to carry out necessary verification. Facts- The only issue in this appeal of assessee is as regards to revision order passed by PCIT u/s.263 of the Act holding that the assessment order framed by the AO u/s.143(3) of the Act dated 18.09.2019 is erroneous and prejudicial to the interest of Revenue as the ...