SHRITI JINESH BHATT,MUMBAI vs. ITO 33(1)(1), BANDRA KURLA COMPLEX MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL“J(SMC)” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER ITA No. 2670/MUM/2026 (AY: 2018-19) (Physical hearing) Shriti Jinesh Bhatt ITO, Ward – 33(1)(1), Mumbai 1402, Divya Gujan CHS Ltd. Bundar vs Kautilya Bhawan, Bandra Kurla Pakdi Road, Mahaveer Nagar, Complex, Mumbai – 400051. Kandivali West, Mumbai – 400067. [PAN: BHGPB2695J] Appellant / Assessee Respondent / Revenue Assessee by Shri Sameer Dalal, CA Revenue by Ms. Jayshree Thakur, Sr. DR Date of hearing 18.08.2026 Date of pronouncement 20.08.2026 Order under section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by assessee is directed against the order of ld. CIT(A)dated 01.08.2026 for Assessment Year (AY) 2018-19. The assessee has raised following grounds of appeal: “1. The Learned Commissioner of Income Tax Appeals NFAC has wrongly upheld by assessing officer Rs. 20,33,913/- U/s. 68 of Income Tax Act. 2. The Learned Commissioner of Income Tax Appeals NFAC has failed to consider submission made during the Appeal proceedings. 3. The appellant craves leave to add to, alter, amend, delete, substitute and/or modify all or any of the above grounds of appeal.” 2. Rival submissions of both the parties have been heard and the record perused. The learned AR of the assessee submits that before the learned CIT(A), the assessee could not file her submissions as she was out of India for the purpose of employment. The assessee has now executed a Power of Attorney in favour of her father for making necessary compliance

ITA No.2670/Mum/2026 (AY: 2018-19) Shriti Jinesh Bhatt and for furnishing evidence before income tax authorities and before Tribunal. The learned CIT(A) passed the ex parte order for want of submissions. At least one more opportunity may be allowed to contest the case on merits. He undertakes, on behalf of the assessee, to be more vigilant in future in making timely compliance. 3. On the other hand, the learned Senior Departmental Representative (ld. DR) for the Revenue submits that the assessee was given ample opportunities by the learned CIT(A), as recorded in the impugned order. Therefore, the assessee does not deserve any leniency at this stage. In case the Bench is of the view that the assessee deserves any further opportunity to contest the case on merits, the assessee should be given only one opportunity. 4. We have considered the rival submissions of both the parties and have gone through the orders of the lower authorities carefully. We find that the AO made an addition under section 68 of Rs. 20,33,913/-. The AO made the addition by taking a view that credit on sale of share of Oasis Trade Link is result in trade of penny scrips. The action of the AO was confirmed by the learned CIT(A) in the ex parte order. Now, before us, the learned AR of the assessee urged that one more opportunity may be allowed to contest the case on merits, considering the fact that substantial rights of the assessee are involved in the present appeal. Therefore, the matter is restored back to the file of the learned CIT(A), with a direction to the assessee to be more vigilant in making timely compliance. Needless to direct that before passing the appeal on merit, the learned CIT(A) shall allow a fair and reasonable opportunity to the assessee. The assessee is

ITA No.2670/Mum/2026 (AY: 2018-19) Shriti Jinesh Bhatt also allowed liberty to file all factual and legal submissions before ld CIT(A). In case, the assessee wishes to file additional evidence, same may be allowed as per Rules. In the result, the grounds of appeal raised by the assessee are allowed for statistical purpose. 5. In the result, appeal filed by assessee is allowed for statistical purpose. Order was pronounced in open court on 20/08/2026 Sd/- Sd/- JAGADISH PAWAN SINGH ACCOUNTANT MEMBER JUDICIAL MEMBER

MUMBAI, Dated: 20/08/2026 Biswajit Copy of the order forwarded to: (1) The Assessee; (2) The Revenue; (3) The PCIT / CIT (Judicial); (4) The DR, ITAT, Mumbai; and (5) Guard file. By Order

Assistant Registrar ITAT, Mumbai