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The High Court held that the assessing officer failed to issue a notice before reaching an adverse conclusion regarding the certificate not mentioning the Capital Gains Account, thereby violating the principles of natural justice. Consequently, the impugned assessment order was set aside, and the case was remanded to the assessing officer to pass appropriate orders on merits within six months, adhering to due process and considering the bank certificate issued to the assessee. The court emphasized the necessity of providing an opportunity to the assessee before arriving at an adverse finding, upholding procedural fairness in tax assessments.
The High Court held that the assessing officer failed to issue a notice before reaching an adverse conclusion regarding the certificate not mentioning the Capital Gains Account, thereby violating the principles of natural justice. Consequently, the impugned assessment order was set aside, and the case was remanded to the assessing officer to pass appropriate orders on merits within six months, adhering to due process and considering the bank certificate issued to the assessee. The court emphasized the necessity of providing an opportunity to the assessee before arriving at an adverse finding, upholding procedural fairness in tax assessments.
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