https://www.taxtmi.com/caselaws?id=758406 The Madras HC set aside an assessment order under section 147 for reopening assessment. The court found that petitioners were denied natural justice as no notice was given before reaching adverse conclusions regarding a Capital Gains Account Scheme deposit certificate from Canara Bank. The assessment order was deemed beyond limitation period and without jurisdiction. The matter was remitted back to the assessing officer to pass fresh orders on merits within six months, ensuring proper consideration of the bank certificate and adherence to principles of natural justice. en-us Mon, 19 Aug 2024 00:00:00 +0530 Fri, 13 Sep 2024 08:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758406 The Madras HC set aside an assessment order under section 147 for reopening assessment. The court found that petitioners were denied natural justice as no notice was given before reaching adverse conclusions regarding a Capital Gains Account Scheme deposit certificate from Canara Bank. The assessment order was deemed beyond limitation period and without jurisdiction. The matter was remitted back to the assessing officer to pass fresh orders on merits within six months, ensuring proper consideration of the bank certificate and adherence to principles of natural justice. Case-Laws Income Tax Mon, 19 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758406