https://www.taxtmi.com/caselaws?id=450326 The Madras HC set aside a draft assessment order u/s 144C(1) concerning lingerie stock valuation discrepancies. The court found the income-tax authorities improperly estimated unit prices at Rs. 1,500/- based on website data, resulting in an addition of Rs. 27,04,84,500/- without adequate notice to the petitioner. Additionally, expenditure of Rs. 9,01,61,500/- was disallowed without proper notice, and the requested video conferencing hearing was denied, violating Section 144B(6)(viii). The court directed the draft assessment order be treated as a show cause notice, allowing the petitioner three weeks to respond. en-us Mon, 26 Feb 2024 00:00:00 +0530 Sat, 02 Mar 2024 07:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450326 The Madras HC set aside a draft assessment order u/s 144C(1) concerning lingerie stock valuation discrepancies. The court found the income-tax authorities improperly estimated unit prices at Rs. 1,500/- based on website data, resulting in an addition of Rs. 27,04,84,500/- without adequate notice to the petitioner. Additionally, expenditure of Rs. 9,01,61,500/- was disallowed without proper notice, and the requested video conferencing hearing was denied, violating Section 144B(6)(viii). The court directed the draft assessment order be treated as a show cause notice, allowing the petitioner three weeks to respond. Case-Laws Income Tax Mon, 26 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450326