Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The High Court quashed the assessment order dated 06.08.2024, holding that the Assessing Authority violated the principles of natural justice by denying an opportunity of personal hearing to the petitioner despite a specific request. Although the show-cause notice indicated 'NA' for personal hearing, the petitioner marked 'Yes' in the reply and sought an opportunity. The Court ruled that any previous opportunity before issuing the show-cause notice was inconsequential. The impending expiry of the limitation period did not justify denying a hearing. The authorities were directed to pass a fresh order after affording an opportunity of hearing to the petitioner.
The High Court quashed the assessment order dated 06.08.2024, holding that the Assessing Authority violated the principles of natural justice by denying an opportunity of personal hearing to the petitioner despite a specific request. Although the show-cause notice indicated 'NA' for personal hearing, the petitioner marked 'Yes' in the reply and sought an opportunity. The Court ruled that any previous opportunity before issuing the show-cause notice was inconsequential. The impending expiry of the limitation period did not justify denying a hearing. The authorities were directed to pass a fresh order after affording an opportunity of hearing to the petitioner.
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