https://www.taxtmi.com/caselaws?id=398101 The High Court allowed the writ petition, quashed the assessment order for the year 2019-2020, and remitted the matter back to the assessing authority. The court found that assuming bank remittances as income from sale transactions without proper consideration of evidence was unjustified, as the remittances were proven to be personal loans from Directors to the Company. Additionally, reliance on a stock details report without providing a copy to the assessee for explanation was deemed unfair, leading to the court emphasizing the importance of giving the assessee a fair opportunity to respond before making any decisions. en-us Thu, 27 Aug 2020 00:00:00 +0530 Tue, 01 Dec 2020 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398101 The High Court allowed the writ petition, quashed the assessment order for the year 2019-2020, and remitted the matter back to the assessing authority. The court found that assuming bank remittances as income from sale transactions without proper consideration of evidence was unjustified, as the remittances were proven to be personal loans from Directors to the Company. Additionally, reliance on a stock details report without providing a copy to the assessee for explanation was deemed unfair, leading to the court emphasizing the importance of giving the assessee a fair opportunity to respond before making any decisions. Case-Laws VAT and Sales Tax Thu, 27 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398101