Assessing Officer issued notice under section 148\u00a0 on ground that assessee had entered into bogus transactions with one Naresh Jain. Assessee filed objections against said reopening notice contending that it did not know any Naresh Jain\u00a0 and that no financial transactions had ever been entered into with said Naresh Jain\u00a0\u00a0 during relevant assessment year. Without\u00a0 disposing of said objections, Assessing Officer issued a show-cause notice and passed assessment order in complete breach of principles of natural justice. On writ the Court held that\u00a0\u00a0 since objections of assessee were not disposed of before passing of assessment order, entire proceedings were vitiated and matter was to be remanded back to Assessing Officer. \u00a0(AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment-After the expiry of four years-Cash credits-Bogus transactions-Violation of principle of natural justice-Objections of assessee were not disposed of before passing of assessment order, entire proceedings were vitiated and matter was to be remanded back to Assessing Officer.[S. 68, 148, 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-59282","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fqa","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59282","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=59282"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59282\/revisions"}],"predecessor-version":[{"id":59283,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59282\/revisions\/59283"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}