The assessee is in the business of trading of Precious Metals – Gold and Silver Bullion . During the lockdown period the assesee was served with notice to file the details with in three working days. The returned income was loss of Rs. 10 , 57, 049 . The Assessing Officer passed the order by estimating the income at 8% of sales turnover and assessed the income at Rs 114, 57, 33,424 . The assessee filed writ before the High Court . Allowing the petition the Court held that Order passed without giving sufficient time is violative of the principle of natural justice. Order was set aside . (AY. 2018 -19 ) ( WPNO. 1368 of 2021 dt 28 -10 20021 )
SPL Gold India Pvt Ltd v.ACIT ( Bom ) (HC) www.itatonlline .org
S. 143(3): Assessment – Natural justice –Covid-19 – Lockdown – Returned income was loss of Rs.10, 57,049 and income assessed was 114. 57 ,33, 424 – Only three working days notice was given to file various details – Order passed without giving sufficient time is violative of the principle of natural justice – Order was set aside . [ S. 144, Art. 226 ]