POSITIVE TRADECOMM PVT. LTD., ,HOWRAH vs. ITO, WARD - 9(3), KOLKATA , KOLKATA

It transpires at the outset that the CIT(A)’s lower appellate order affirming the Assessing Officer’s action treating the assessee’s share capital/premium of Rs.46,08,56,473/- as Section 68 unexplained cash credits in assessment order dated 23.03.2015; has been passed ex parte without even indicating as to whether the relevant notice(s) of hearing stood served or not. Coupled with this, the assessee’s clinching plea that it had filed voluminous documentary evidence before the Assessing Officer for proving identity, genuineness and Positive Tradecomm Pvt. Ltd. creditworthiness of the investor parties which have nowhere been considered has also been remained unrebutted from the Revenue side. Be that as it may, learned counsel submits that the assessee could not appear before the CIT(A) on account of the fact that its concerned director was not available at station in the relevant time span of the lower appellate hearings so as to pursue its grievance. We deem it appropriate in this factual backdrop that larger interest of justice would be met in case the learned CIT(A) decides the matter afresh as per law. More particularly when there is no adjudication on merits in the CIT(A)’s ex parte order under challenge. We order accordingly.

This assessee’s appeal is allowed for statistical purposes.