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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA
Before: SHRI RAJESH KUMAR, AM & SHRI SONJOY SARMA, JM
O R D E R Per Rajesh Kumar, AM:
This is an appeal preferred by the assessee against the order of the Commissioner of Income-tax (Appeals), Kolkata-21 (hereinafter referred to as the “Ld. CIT(A)”] dated 30.11.2023 for the AY 2014-15.
The only issue raised by the assessee is against the order of ld. CIT (A) upholding the addition of ₹2,86,69,750/- in respect of transactions made in M/s First Financial Services Limited by treating the loss as non- genuine on the sale of shares.
The assessee submitted at the outset that the co-ordinate Bench in assessee’s own case in for A.Y. 2016-17 vide order dated 22.04.2025, restored the similar issue to the file of the ld. AO for deciding the issue afresh. The ld. AR therefore prayed that the issue may be restored to the file of the ld. AO with similar direction.
After hearing the rival contentions and perusing the materials available on record, we find that that the similar issue has been restored to the file of the ld. AO in the A.Y. 2016-17(supra)on the ground that the assessee did not furnish the necessary details before the ld. AO as well as before the ld. CIT (A). Accordingly, we restore this appeal to the file of the AO as well with a direction to decide the same afresh after affording reasonable opportunity of hearing to the assessee.
In the result, the appeal of the assessee is allowed for statistical purposes
Order pronounced in the open court on 19.05.2025.