No Plot, No Profit, Still Taxed :When AO Shoots the Wrong Person: Middleman Dragged into 56(2)(ix) Tax Trap

Saroj Devi Haldiya Vs ITO (ITAT Jaipur) No Plot, No Profit, Still Taxed :When AO Shoots the Wrong Person: Middleman Dragged into 56(2)(ix) Tax Trap; Two-Day Show Cause, Zero Natural Justice: ITAT Called to Restore Fair Play! Background Assessee filed return declaring ₹13.37 lakh. Reassessment u/s 147/144B completed at ₹88.72 lakh. Major addition: ₹75,00,000 u/s 56(2)(ix) (forfeited advance). Other disallowances: ₹34,647 (u/s 57) & ₹83,453 (capital loss restriction). CIT(A), NFAC dismissed the appeal ex-parte, stating no proper submissions were filed. Key Facts of the Transactio...