https://www.taxtmi.com/caselaws?id=437667 The court set aside the orders and notices challenged by the petitioner under Sections 148A(d) and 148 of the Income Tax Act, 1961, due to the Assessing Officer's failure to apply proper reasoning. The court granted liberty for a fresh assessment after providing a personal hearing to the petitioner and ensuring all relevant materials are considered. Discrepancies in the assessment of unsecured loans received by the petitioner led to a direction for a fresh assessment. The court emphasized the need for a correct assessment without including repayment amounts in the total transaction, setting aside the AO's order and directing a new assessment with a personal hearing. en-us Wed, 12 Apr 2023 00:00:00 +0530 Thu, 11 May 2023 22:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437667 The court set aside the orders and notices challenged by the petitioner under Sections 148A(d) and 148 of the Income Tax Act, 1961, due to the Assessing Officer's failure to apply proper reasoning. The court granted liberty for a fresh assessment after providing a personal hearing to the petitioner and ensuring all relevant materials are considered. Discrepancies in the assessment of unsecured loans received by the petitioner led to a direction for a fresh assessment. The court emphasized the need for a correct assessment without including repayment amounts in the total transaction, setting aside the AO's order and directing a new assessment with a personal hearing. Case-Laws Income Tax Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437667