NFAC Order Set Aside for Ignoring Written Submissions & Failure to Record Reasons

Sonali Mahendra Naik Gaunekar Shivoham Vs ITO (ITAT Panaji) FAC Order Set Aside for Ignoring Written Submissions- Failure to Record Reasons Vitiates NFAC Order- Natural Justice Violated: ITAT Panaji Quashes NFAC Order Passed Without Considering Assessee’s Documents Assessee challenged the NFAC order dt. 23/09/2025 passed u/s 250, which upheld reassessment made u/s 147 r.w.s. 263 determining income at ₹ 9.81 crores. The case stemmed from a reopening notice u/s 148 dt. 19/02/2020, where AO invoked s. 50C to tax difference between sale consideration & stamp-duty value. Though the PCIT had...