Revision u/s 263 Upheld: AO’s Silent Acceptance of Cash Deposits & Property Source is Erroneous

Zakaria Bajpe Vs CIT (International Taxation) (ITAT Bangalore) ITAT Bangalore: Revision u/s 263 Upheld – AO’s Silent Acceptance of Cash Deposits & Property Source is Erroneous Background Assessee,  an NRI during AY 2015-16, filed return declaring income of ₹50.72 lakh. Case was selected for limited scrutiny to verify (i) large cash deposits in bank accounts &  (ii) source for purchase of property (land  at Udyavara, Udupi for ₹81 lakh, paid in FY 2013-14). Assessee explained that deposits (₹37.6 lakh) came from earlier cash withdrawals &  rent receipts, &  proper...