https://www.taxtmi.com/caselaws?id=412299 The Appellate Tribunal ITAT Jaipur remanded the case back to the Principal Commissioner of Income Tax (PCIT) for fresh consideration. The Tribunal found that the PCIT had not properly considered the reply submitted by the assessee before passing the order under section 263 of the Income Tax Act, 1961. Additionally, discrepancies in the treatment of surrendered income under sections 69, 69A, and 69B led the Tribunal to direct reassessment by the PCIT. Emphasizing the importance of procedural fairness, the Tribunal highlighted the necessity for the PCIT to give proper consideration to the defense and reply of the assessee in accordance with the principles of natural justice. en-us Wed, 08 Sep 2021 00:00:00 +0530 Wed, 15 Sep 2021 09:01:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412299 The Appellate Tribunal ITAT Jaipur remanded the case back to the Principal Commissioner of Income Tax (PCIT) for fresh consideration. The Tribunal found that the PCIT had not properly considered the reply submitted by the assessee before passing the order under section 263 of the Income Tax Act, 1961. Additionally, discrepancies in the treatment of surrendered income under sections 69, 69A, and 69B led the Tribunal to direct reassessment by the PCIT. Emphasizing the importance of procedural fairness, the Tribunal highlighted the necessity for the PCIT to give proper consideration to the defense and reply of the assessee in accordance with the principles of natural justice. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412299