123.97 Cr Addition: 7-Day Notice Period Unreasonable, Rules ITAT Raipur

Shyam Sales Corporation Vs ITO (ITAT Raipur) ITAT Raipur held that time period of 7 days provided to the assessee company to revert back to show cause notice was unreasonably short, and thus, violative of principles of natural justice. Accordingly, show cause notice/ draft assessment order set aside and matter remitted back. Facts- The case of the assessee was selected for complete scrutiny assessment and notice u/s 143(2) of the Income Tax Act, 1961 was issued. Consequently, notice u/s 142(1) of the Income Tax Act, 1961 were also issued. After considering the material available on record and...