https://www.taxtmi.com/caselaws?id=776633 The ITAT Ranchi set aside the order of the NFAC/CIT(A) and remanded the matter to the AO for de novo adjudication, emphasizing the need to comply with natural justice. The assessment was completed on a summary basis due to time barring, without adequate inquiry or hearing, particularly regarding undisclosed investment and valuation differences added as income under sections 69 and 56(2)(viib). The AO failed to examine crucial evidence, such as loan documents, and did not provide the assessee a proper opportunity to be heard. Since the taxable liability was uncertain and the assessment was premature, the ITAT allowed the appeal for statistical purposes and directed a fresh assessment in accordance with law. en-us Tue, 07 Jan 2025 00:00:00 +0530 Thu, 14 Aug 2025 08:26:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776633 The ITAT Ranchi set aside the order of the NFAC/CIT(A) and remanded the matter to the AO for de novo adjudication, emphasizing the need to comply with natural justice. The assessment was completed on a summary basis due to time barring, without adequate inquiry or hearing, particularly regarding undisclosed investment and valuation differences added as income under sections 69 and 56(2)(viib). The AO failed to examine crucial evidence, such as loan documents, and did not provide the assessee a proper opportunity to be heard. Since the taxable liability was uncertain and the assessment was premature, the ITAT allowed the appeal for statistical purposes and directed a fresh assessment in accordance with law. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776633