https://www.taxtmi.com/caselaws?id=417326 An assessment order that fails to consider material documents produced by the assessee can be interfered with and remitted for fresh assessment. The Madras HC noted that the order did not address evidence supporting the assessee's claim of acting only as a middleman in auction transactions, so the assessment could not stand on that record. Relief was nevertheless made conditional to protect revenue interests: the assessee was required to pay tax on the admitted income under the presumptive scheme within the stipulated time. The matter was therefore sent back for reconsideration on merits after compliance with the tax payment condition. en-us Wed, 08 Dec 2021 00:00:00 +0530 Thu, 20 Jan 2022 08:27:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417326 An assessment order that fails to consider material documents produced by the assessee can be interfered with and remitted for fresh assessment. The Madras HC noted that the order did not address evidence supporting the assessee's claim of acting only as a middleman in auction transactions, so the assessment could not stand on that record. Relief was nevertheless made conditional to protect revenue interests: the assessee was required to pay tax on the admitted income under the presumptive scheme within the stipulated time. The matter was therefore sent back for reconsideration on merits after compliance with the tax payment condition. Case-Laws Income Tax Wed, 08 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417326