Mere non-reference of cash transaction doesn’t render assessment order erroneous and prejudicial

Anjay Surana Vs ITO (ITAT Raipur) ITAT Raipur held that mere non-reference by AO about the cash transaction entered into by the assesse doesn’t render the assessment order passed by AO as erroneous and prejudicial to the interest of revenue. Accordingly, revisional proceedings u/s 263 unjustified. Facts- On a perusal of the record, it was observed by the Pr. CIT that the assessee who was a partner in a partnership firm, viz. M/s. Rajat Builders had a negative opening balance i.e. debit balance of Rs.98,97,438/- in his capital account on 01.04.2016. It was further observed by him that the ass...