Section 143(2) notice mandatory before proceeding with assessment: Delhi HC

PCIT Vs S.G. Portfolio Pvt. Ltd. (Delhi High Court) Delhi High Court, in the case of PCIT Vs S.G. Portfolio Pvt. Ltd., upheld the orders of the Income Tax Appellate Tribunal (ITAT) and the Commissioner of Income Tax (Appeals) [CIT(A)], dismissing the revenue’s appeal. The case arose from a search operation involving Mr. Aseem Kumar Gupta’s group, revealing accommodation entries facilitated through multiple entities. For Assessment Year (AY) 2009-10, the Assessing Officer (AO) had initially assessed the respondent’s income at ₹7.35 crore under Section 143(3) read with Section 15...