SHIVKUMAR T IYER,MUMBAI vs. COMMISSIONER OF APPEALS 56, MUMBAI

At the outset, in the grounds of appeal the assessee has challenged the exparte order passed by ld. CIT(A) on merits has raised the following grounds:- Shivkumar T Iyer

The Appellant prays that the addition of interest receivable of Rs. 14,40,000 be deleted as the same was not received and the Assessee accounts for income on receipt basis.

The Appellant prays that 1% brokerage expenditure being standard selling expenses on sale of 2 house properties amounting to Rs. 6,40,000 and Rs. 64,000 respectively be allowed.

The Appellant prays that all the payments made to the Builder amounting to Rs. 3,53,48,964/- be allowed as cost of acquisition for purchase of property 1 and Rs. 19,59,340 for Property 2, which includes agreement value service tax MVat and other charges paid to Builder. The Appellant prays that the indexed cost of this amount be considered as indexed cost.

The Appellant prays that the entire amount invested in terms of exemption claimed under section 54 in respect of the investment in another residential house property amounting to Rs.1,10,59,771/- be allowed, considering the declaration submitted that the name of his wife is added for convenience sake and she is not contributing monetary amount for this investment. Further the said Flat has been sold in FY 22-23 and the sale proceeds have been taxed solely in the name of the Appellant.

The Appellant prays that the brought forward Long Term Capita Loss amounting to Rs. 18,34,799/- pertaining to AY 2017-18 and AY 2014-15 which has been duly disclosed in Return of Income for the said assessment years be allowed for set off against the Long Term Capital Gain of AY 2019-20. 3. At the outset ld. Counsel submitted that various notices sent through e-mail could not be received by the assessee and only one notice was served which assessee had filed an Shivkumar T Iyer

The ld. DR did not have any objection if the matter is restored back to the file of the ld. CIT(A).

In view of the aforesaid fact that the ld. CIT(A) has passed exparte order without deciding the issue on merits therefore, in the interest of justice, all the grounds which have been raised before us are remitted back to the file of the ld. CIT(A) to decide afresh and in accordance with the law after giving due opportunity of hearing to the assessee. The assessee is also directed to co-operate in the proceedings and substantiate his case.

In the result, appeal of the assessee is allowed for statistical purposes.