Tuesday, September 28, 2021

HC directed revenue to grant one day personal hearing to assessee for establishing genuineness of transaction

INCOME TAX : Where assessment order was passed in Faceless Assessment scheme by making addition under section 68 in respect of unsecured loan, and assessee submitted that though notices have been given and response have been received from assessee through documents produced to establish that transactions in question was genuine transaction, but he missed to seek a chance of personal hearing, since chance of getting a personal hearing is part and parcel of principles of natural justice,

from www.taxmann.com Latest Case Laws https://ift.tt/3CQCpbV

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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