2021 (10) TMI 1214

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....ind Pinto for Respondents-Revenue   P.C. : 1. Petitioner is impugning the assessment order dated 24th May 2021 passed under Section 143(3) read with Section 144B of the Income Tax Act, 1961 (the said Act), for the A.Y.-2018-2019 on the grounds that; a) no draft assessment order was issued as required under sub clause (xvi) of sub Section (1) of Section 144B; b) additio....

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....not be held." Therefore, on this ground alone the impugned order requires to be set aside. 3. Moreover, as regards draft assessment order, the impugned order does not state that any draft assessment order was given but in the affidavit in reply filed by one Sreekala S. Nair affirmed on 21st September 2021, it is stated that the show cause notice dated 18th February 2021 had a heading "show caus....

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.... with a chart showing the entry date of purchase of share on which short term capital losses occurred and chart showing sale date of these shares supported with the bank details". In our view, this is nothing but a notice seeking further details, information, documents and cannot be called the draft assessment order. Therefore, on this ground also the assessment order has to be set aside. 4. Th....

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....of show cause notice is the preliminary step which is required to be undertaken. The purpose of show cause notice is to enable a party to effectively deal with the case made out by respondent (Om Shri Jigar Association Vs. Union of India) 1994 SCC Online Guj.77. Therefore, on this ground also the impugned order is required to be set aside. 5. In our view, having heard Mr. Syal and Mr. Pinto and....