https://www.taxtmi.com/caselaws?id=432054 The assessment order under the Income Tax Act, 1961, based on Best judgment assessment, was challenged due to the treatment of post-demonetization bank deposits as unexplained income. Despite the petitioner responding to the notice, the assessing officer did not consider the responses, citing technical glitches. The Court acknowledged the issue but stressed the importance of considering assessee responses. The assessment order was set aside, and a de novo assessment was directed, with instructions to consider the petitioner's responses. The judgment emphasized the unique circumstances of the case and the need for a fair assessment process. en-us Mon, 19 Dec 2022 00:00:00 +0530 Tue, 27 Dec 2022 06:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432054 The assessment order under the Income Tax Act, 1961, based on Best judgment assessment, was challenged due to the treatment of post-demonetization bank deposits as unexplained income. Despite the petitioner responding to the notice, the assessing officer did not consider the responses, citing technical glitches. The Court acknowledged the issue but stressed the importance of considering assessee responses. The assessment order was set aside, and a de novo assessment was directed, with instructions to consider the petitioner's responses. The judgment emphasized the unique circumstances of the case and the need for a fair assessment process. Case-Laws Income Tax Mon, 19 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432054