Huge cash deposit, AO made adequate enquiries, Section 263 not invocable

Advertisement Arvi Lights Vs ITO (ITAT Delhi) The assessment was sought to be revised u/s 263 of the I T Act holding that ld. AO had not enquired about the cash deposits of Rs 80,50,000/- deposited in bank during the demonetization period. Huge increase in sales in the month of October, 2016 due to Diwali season is found to be reasonable due to Diwali season. Cash deposits were sourced out of cash sale by reducing the stock of goods and Opening Stock, Purchases and Sales are interlinked. ITAT determined that the assessing officer (AO) had conducted sufficient inquiries during the original a...