https://www.taxtmi.com/caselaws?id=442628 The appeal challenging the addition under section 56(2)(vii) of the Income Tax Act for the assessment year 2014-15 was allowed. The court found that the assessment order was passed without giving the assessee a proper opportunity to respond to the show cause notice, violating natural justice. The failure to wait for the Departmental Valuation Officer's report and consider objections raised during the appeal process were also noted. Consequently, the addition was set aside, directing the Assessing Officer to delete it. The appeal was allowed in favor of the assessee. en-us Wed, 02 Aug 2023 00:00:00 +0530 Wed, 06 Sep 2023 08:50:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442628 The appeal challenging the addition under section 56(2)(vii) of the Income Tax Act for the assessment year 2014-15 was allowed. The court found that the assessment order was passed without giving the assessee a proper opportunity to respond to the show cause notice, violating natural justice. The failure to wait for the Departmental Valuation Officer's report and consider objections raised during the appeal process were also noted. Consequently, the addition was set aside, directing the Assessing Officer to delete it. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 02 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442628