https://www.taxtmi.com/caselaws?id=442996 The court set aside the order of the Assessing Officer (AO) in a writ petition challenging notices and orders under the Income Tax Act, directing a fresh assessment. The petitioner's explanation regarding foreign currency transactions was deemed insufficient, with the court emphasizing the need for proper verification before assessment. The AO was instructed to obtain necessary documents, provide relevant material, and grant a personal hearing to the petitioner's representative for a fair assessment process. The notice issued under Section 148 of the Act was declared void, allowing for a new assessment to be conducted. en-us Wed, 23 Aug 2023 00:00:00 +0530 Thu, 14 Sep 2023 09:03:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442996 The court set aside the order of the Assessing Officer (AO) in a writ petition challenging notices and orders under the Income Tax Act, directing a fresh assessment. The petitioner's explanation regarding foreign currency transactions was deemed insufficient, with the court emphasizing the need for proper verification before assessment. The AO was instructed to obtain necessary documents, provide relevant material, and grant a personal hearing to the petitioner's representative for a fair assessment process. The notice issued under Section 148 of the Act was declared void, allowing for a new assessment to be conducted. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442996