Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2024 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (2) TMI 1047 - MADRAS HIGH COURTAggregation of additional income - Validity of assessment order - three additions were made to the total income of the assessee - difference in opening and closing balances, loan availed of by the petitioner and interest income earned from Axis Bank. HELD THAT:- As aggregate additional income was arrived at by examining the difference between the opening and closing balance. While undertaking this exercise, the respondent has failed to take into account the fact that the sale consideration from the proceeds of sale of agricultural land was duly disclosed in the statement of income read with the schedule thereto. As regards the interest income from Axis Bank, the same is also duly disclosed in the entry relating to TDS under the head 'Total income' read with Schedule 18. Thus, it appears that the AO did not take into account the material placed on record and, consequently, the order impugned herein is vitiated by non-application of mind. Addition of loan availed of by the petitioner it appears that the petitioner has not placed all necessary documents on record. Therefore, it is just and necessary to direct the petitioner to place all relevant documents for consideration. For reasons set out above, the writ petition is disposed of by remanding the matter for re-consideration. The assessee is permitted to respond to the assessment order by treating the same as a show cause notice within a maximum period of four weeks from the date of receipt of a copy of this order. Upon receipt thereof, the respondent is directed to provide a reasonable opportunity to the petitioner, including a personal hearing, take into consideration all documents produced by the assessee and issue a fresh assessment order in respect of the three additions dealt with in the impugned assessment order.
|