https://www.taxtmi.com/highlights?id=51062 Though the provisions of the Income Tax Act do not provide for the issuance of a show cause notice in all cases, in matters such as the present, where the Assessing Authority has formulated a specific issue based upon his understanding of a transaction, it is incumbent upon him to reveal his mind to the assessee, in order that the assessee is put to notice of the proposed basis of assessment and can reply/respond to the same. This not having been done, the impugned orders are set aside. en-us Mon, 06 Jan 2020 06:44:48 +0530 Mon, 06 Jan 2020 06:44:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=51062 Though the provisions of the Income Tax Act do not provide for the issuance of a show cause notice in all cases, in matters such as the present, where the Assessing Authority has formulated a specific issue based upon his understanding of a transaction, it is incumbent upon him to reveal his mind to the assessee, in order that the assessee is put to notice of the proposed basis of assessment and can reply/respond to the same. This not having been done, the impugned orders are set aside. Highlights Income Tax Mon, 06 Jan 2020 06:44:48 +0530 https://www.taxtmi.com/highlights?id=51062