Solitary opportunity of only one day to respond to notice is against principles of natural justice

R.N. Khemka Enterprises Private Ltd. Vs PCIT (ITAT Delhi) ITAT Delhi held that a solitary opportunity of one day to respond to show cause notice is in negation of overriding principles of natural justice accordingly revisionary order passed u/s 263 is liable to be quashed and set aside. Facts- The assessee filed its ROI claiming bad debt of Rs.2,28,12,685/- as deduction u/s. 36(2) of the Act. The ROI filed by the assessee was selected under scrutiny and specific queries towards claim of deduction were raised by AO vide notices issued u/s. 142(1) of the Act. AO was eventually satisfied with the...