Recovery in cash from Sundry Debtors duly examined by AO- Assumption of jurisdiction u/s 263 by PCIT invalid

Rameshwar Prasad Shringi Vs PCIT (ITAT Jaipur) Assessing officer has carried out exhaustive enquiries and verifications regarding source of cash deposits in the bank account during the financial year relevant to impugned assessment year. The bank statements, the cash book, the ledger accounts, the financial statements for the year under consideration and for the earlier years, the tax returns for the year under consideration and for the earlier years have been called and examined by the Assessing officer. And we find that it is not a case where all these documentation were called for and merel...