Revision u/s 263 justified as AO grossly failed to verify nature and source of transaction

Santosh Pandey Vs PCIT (ITAT Raipur) ITAT Raipur held that revisionary jurisdiction under section 263 of the Income Tax Act rightly invoked as there is a gross failure on the part of the A.O to verify the nature and source of the cash deposits. Facts- The Pr. CIT observed that though the case of the assessee was reopened for verifying nature and source of the cash deposits in his bank account amounting to Rs.15 lacs and Rs.28 lacs, but the A.O had failed to carrying out any verifications and summarily accepted the unsubstantiated explanation of the assessee Accordingly, the Pr. CIT vide his or...