SUSHIL BHAGAT,DELHI vs. COMMISSIONER OF INCOME-TAX (APPEALS),, DELHI

It transpires during the course of hearing with the able assistance coming from both the parties that the learned lower authorities have disallowed/added the assessee’s claim of market to market “MTM” loses of Rs.1,52,97,968/-, during the course of assessment framed on 29.12.2018 and upheld in the lower appellate discussion. 4. Faced with this situation, we notice that the learned CIT(A)/NFAC appears to have proceeded ex-parte against the assessee on the ground that it had failed to avail various opportunities of hearing in the course of lower appellate proceedings. Learned counsel invites our attention to pages 3 to 4 in the lower appellate discussion, wherein the assessee has been held to have only “gathering the papers”. His case accordingly is that it was on account of various communication gaps that the assessee could not plead and prove all the relevant facts in the lower appellate proceedings on account of circumstances beyond his control. Be that as it may, we deem it appropriate in the larger interest of justice to restore the assessee’s instant appeal back to the CIT(A)/NFAC for it’s afresh appropriate adjudication, within three effective opportunities subject 3 | P a g e to a rider that the taxpayer shall plead and prove the case at his own risk and responsibility, in consequential proceedings. Ordered accordingly. 5. This assessee’s appeal is allowed for statistical purposes. Order pronounced in the open court on 13th May, 2025 (S. RIFAUR RAHMAN) JUDICIAL MEMBER