Order based on information not furnished to assessee for explanation is against principles of natural justice

Shameer Razaik Vs PCIT (Karnataka High Court) Karnataka High Court held that passing of order on information procured from Stock Exchange and banks without furnishing the information to petitioner for their explanation is violative of principles of natural justice and hence set aside. Facts- The petitioner has filed the present writ petition under Articles 226 and 227 of the Constitution of India praying to quash orders under Section 264 of the Income Tax Act, 1961. It is argued that the respondents refer to certain information procured from the Stock Exchange and Banks which had not been f...