SUNDEEP SETHI,KOLKATA vs. I.T.O., WARD - 44(2),, KOLKATA

This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 20.03.2024 for the Assessment Year 2015–16.

At the outset the Ld. AR stated that there is a delay of 374 days in filing the present appeal. The assessee has filed a petition for condonation of delay citing reasonable cause for the belated filing. We after considering the submissions and materials on record, we are satisfied that the assessee was prevented by reasonable cause in filing the appeal within the prescribed time. Accordingly, the delay is condoned, and the appeal is admitted for adjudication on merits.

Brief facts of the case are that the assessee is an individual and filed return of income for the Assessment Year 2015–16 declaring total income of Rs.12,79,510/-. Notice u/s 148 of the Act was issued to the assessee for the reasons that the assessee in EI schedule of the said return has claimed exempt income under the head ‘long term capital gains’ from transaction on which securities transaction tax is paid. In Sundeep Sethi response to the notice u/s 148 of the Act, the assessee filed return of income declaring same income as was filed in original return of income. Accordingly notice under section 43(2) of the Act was issued and ultimately after considering the various aspects of the case, the Assessing Officer found that a sum of Rs.18,19,250/- arising out of sale proceeds of the shares added u/s 68 of the Act in the hands of the assessee.

Aggrieved by the above order, the assessee preferred an appeal before the Ld. CIT(A). However, the assessee did not appear or comply on the dates fixed for hearing. Consequently, the CIT(A) dismissed the appeal of the assessee by passing an ex parte order upholding order of the Assessing Officer.