ITAT quahes Revision Order u/s 263 for Re-examining Large Cash Deposits in Bank

Navneet Bhardwaj Vs PCIT (ITAT Delhi) In a pivotal judgment, the Income Tax Appellate Tribunal (ITAT) Delhi has set aside the revisionary order u/s 263 of the Income Tax Act, dated 27.03.2021, passed by the Principal Commissioner of Income Tax (PCIT), Dehradun. The case, Navneet Bhardwaj Vs PCIT, revolves around the assessment year 2016-17 and primarily deals with the legality of large cash deposits in a savings bank account. The Grounds Raised by the Assessee: Navneet Bhardwaj, the assessee, raised several grounds for appeal. The primary contention was that the Assessing Officer had thorough...