https://www.taxtmi.com/caselaws?id=751760 The HC quashed an assessment order where the AO initially issued a show cause notice under Section 56(2)(x) regarding deemed income from stamp duty value of a flat, but subsequently passed an order treating the amount as unexplained investment under Section 69 charged to tax under Section 115BBE. The court held the show cause notice was defective as it failed to specify whether Section 56(2)(x)(a) or (b) applied, depriving the assessee of reasonable opportunity to respond. Additionally, no separate notice was issued for Section 69 treatment, violating principles of natural justice despite the AO's claim of time constraints due to limitation. en-us Tue, 16 Apr 2024 00:00:00 +0530 Wed, 24 Apr 2024 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751760 The HC quashed an assessment order where the AO initially issued a show cause notice under Section 56(2)(x) regarding deemed income from stamp duty value of a flat, but subsequently passed an order treating the amount as unexplained investment under Section 69 charged to tax under Section 115BBE. The court held the show cause notice was defective as it failed to specify whether Section 56(2)(x)(a) or (b) applied, depriving the assessee of reasonable opportunity to respond. Additionally, no separate notice was issued for Section 69 treatment, violating principles of natural justice despite the AO's claim of time constraints due to limitation. Case-Laws Income Tax Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751760