Lack of Inquiry on Deposits in Assessee’s Bank Account: ITAT upholds PCIT’s Revision Order

Pavan Prabhudyal Bhadada Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, considered an appeal by Pavan Prabhudyal Bhadada against the Principal Commissioner of Income Tax’s (PCIT) order concerning Assessment Year 2016-17. The PCIT had invoked section 263 of the Income-tax Act, revising the original assessment order. The PCIT’s action was based on findings from a search at Shri Renuka Mata Multi State Urban Co-operative Society, which revealed that the assessee had deposited Rs. 1,27,75,311/- into an account with the society. The PCIT observed that the A...