https://www.taxtmi.com/caselaws?id=448213 The Madras HC quashed a Section 148A(d) notice issued based on information from the Insight Portal regarding property purchase below guideline value. The court held that the show cause notice lacked specific reference to the difference between guideline value and sale consideration, making it impossible for the assessee to provide adequate explanation. The assessment order failed to consider the petitioner's explanations regarding gifts from mother and home loan from Sundaram BNP Paribas. The court ruled that without proper consideration of the assessee's response, the statutory mandate becomes an empty formality, warranting interference. en-us Thu, 04 Jan 2024 00:00:00 +0530 Fri, 25 Oct 2024 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448213 The Madras HC quashed a Section 148A(d) notice issued based on information from the Insight Portal regarding property purchase below guideline value. The court held that the show cause notice lacked specific reference to the difference between guideline value and sale consideration, making it impossible for the assessee to provide adequate explanation. The assessment order failed to consider the petitioner's explanations regarding gifts from mother and home loan from Sundaram BNP Paribas. The court ruled that without proper consideration of the assessee's response, the statutory mandate becomes an empty formality, warranting interference. Case-Laws Income Tax Thu, 04 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448213