PRESIDENCY TRADECOMM PVT. LTD.,KOLKATA 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.1,45,00,000/- as Section 68 unexplained cash credits in assessment order dated 09.03.2015; 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 creditworthiness of the Presidency Tradecomm Pvt. Ltd. investor parties which has nowhere been considered. The CIT(A)’s order has also not adjudicated the issue on merits. Be that as it may, learned counsel submits that the assessee could not appear before the CIT(A) to pursue its grievance due to lack of service of notice only. We therefore 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. We order accordingly.

This assessee’s appeal is allowed for statistical purposes.