Faceless assessment notice must cover specific prejudicial variations; unexplained final additions without notice breach section 144B and natural just...
Enhancement of short-term capital gains based on a departmental valuation failed because the Valuation Officer did not serve the statutory notice or afford the assessee an opportunity to object to the proposed fair market value. The Tribunal treated this as a procedural defect and denial of natural justice, so the valuation report could not be acted upon. The matter was remanded to the Assessing Officer for de novo adjudication after obtaining a fresh valuation report in accordance with law, and the appellate order on this point was set aside.
Enhancement of short-term capital gains based on a departmental valuation failed because the Valuation Officer did not serve the statutory notice or afford the assessee an opportunity to object to the proposed fair market value. The Tribunal treated this as a procedural defect and denial of natural justice, so the valuation report could not be acted upon. The matter was remanded to the Assessing Officer for de novo adjudication after obtaining a fresh valuation report in accordance with law, and the appellate order on this point was set aside.
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