Revisionary jurisdiction unsustainable as Pr.CIT finding is based on incorrect appreciation of facts

Shankarlal Thakordas Narsingani Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that Pr.CIT’s view that entire cash deposits during demonetization is to be treated as unexplained, is contrary to the facts on record, as assessee has demonstrated the factum of huge turnover prior to and post demonetization. Accordingly, Pr.CIT’s finding of error in AO’s order is based on incorrect appreciation of facts and accordingly revisionary jurisdiction u/s 263 unsustainable.

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