AO’s failure to verify Nature and Source of Income: ITAT upholds Revision Order of Pr. CIT [Read Order]

Reopening - Reopening Case - initiated - failure - Cash deposits - AO - taxscan

The Raipur branch of the Income Tax Appellate Tribunal (ITAT) upheld the revision order issued by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of Income Tax Act, 1961 on grounds that the Assessing Officer neglected to confirm the nature and source of the income during the reassessment proceedings. The case of…

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