The assessee is in the business of trading of Precious Metals \u2013 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.\u00a0 10 , 57, 049 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0. The Assessing Officer passed the order by estimating the income at\u00a0 8% of sales \u00a0turnover and assessed the income at Rs 114, 57, 33,424 . \u00a0The assessee filed writ before the High Court . Allowing the petition the Court held that\u00a0 Order passed without giving sufficient time is violative of the principle of natural justice. Order was set aside . \u00a0(AY. 2018 -19 ) ( WPNO. 1368 of 2021 dt 28 -10 20021 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(3): Assessment \u2013 Natural justice \u2013Covid-19 \u2013 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 \u2013 Order passed without giving sufficient time is violative of the principle of natural justice \u2013 Order was set aside . [ S. 144, Art. 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-22437","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5PT","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22437"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22437\/revisions"}],"predecessor-version":[{"id":22438,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22437\/revisions\/22438"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=22437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=22437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}