Court Rules Draft Assessment Order as Show Cause Notice; Petitioner Granted Three Weeks to Respond to Stock Discrepancies. https://www.taxtmi.com/highlights?id=75361 Validity of draft assessment order u/s 144C(1) - difference in numbers in closing and opening stock of Lingerie - The show cause notice lacked specific quantification of proposed additions to income - The High court directed that the draft assessment order be treated as a show cause notice, allowing the petitioner to submit a reply within three weeks. The assessing officer was instructed to provide a reasonable opportunity, including a personal hearing through video conferencing, before issuing a fresh draft assessment order. en-us Sat, 02 Mar 2024 11:30:11 +0530 Sat, 02 Mar 2024 11:30:11 +0530 TaxTMI RSS Generator Court Rules Draft Assessment Order as Show Cause Notice; Petitioner Granted Three Weeks to Respond to Stock Discrepancies. https://www.taxtmi.com/highlights?id=75361 Validity of draft assessment order u/s 144C(1) - difference in numbers in closing and opening stock of Lingerie - The show cause notice lacked specific quantification of proposed additions to income - The High court directed that the draft assessment order be treated as a show cause notice, allowing the petitioner to submit a reply within three weeks. The assessing officer was instructed to provide a reasonable opportunity, including a personal hearing through video conferencing, before issuing a fresh draft assessment order. Highlights Income Tax Sat, 02 Mar 2024 11:30:11 +0530 https://www.taxtmi.com/highlights?id=75361