ITAT Raipur Sets Aside Penalty for Lack of Adequate Hearing

Omax Minerals Pvt Ltd Vs DCIT (ITAT Raipur) Principle of Natural Justice Reinforced: Appeal Restored for Fresh Consideration Assessee faced a survey u/s 133A at its business premises, followed by a search u/s 132 at related group concerns. Consequently, a notice u/s 153C was issued. Assessee treated its original return u/s 139 as filed u/s 153C. On scrutiny, AO made an addition of ₹4,37,260 as unaccounted expenditure, resulting in assessed income of ₹2.87 crore. Penalty proceedings u/s 271(1)(c) were initiated for concealment/inaccurate particulars. Since the assessee did not respond to no...