SAMYAK SALES (P) LTD.,KOLKATA vs. I.T.O.,WARD -9(4), KOLKATA

The assessee in the present case is a company which is engaged in the business of trading in shares and securities. The return of income for the year under consideration was filed by it on 26/09/2014 declaring total income of Rs.3,07,520/-. In the assessment completed u/s 143(3) of the Act vide order dt. 30/12/2016, the loss of Rs.80,08,139/- claimed by the assessee in the trading of shares was held to be bogus by the Assessing Officer and the same was disallowed by him. He also made a further addition of Rs.61,196/- on account of disallowance of expenses u/s 14A r.w.r. 8D of the Income Tax Rules, 1962 (‘Rules’) and determined the total income of the assessee for the year under consideration at Rs.83,76,855/-. 2.1. Against the order passed by the Assessing Officer u/s 143(3), the assessee preferred an appeal before the ld. CIT(A) and since there was no satisfactory compliance on the part of the assessee to the notices issued by the ld. CIT(A), fixing Assessment Years: 2014-15 Samyak Sales Pvt. Ltd. the appeal for hearing from time to time, the ld. CIT(A) dismissed the appeal of the the appeal for hearing from time to time, the ld. CIT(A) dismissed the appeal of the the appeal for hearing from time to time, the ld. CIT(A) dismissed the appeal of the assessee and confirmed both the additions made by the Assessing Officer to the total med both the additions made by the Assessing Officer to the total med both the additions made by the Assessing Officer to the total income of the assessee.

We have heard the arguments of both the sides and perused the relevant We have heard the arguments of both the sides and perused the relevant We have heard the arguments of both the sides and perused the relevant material available on record. In support of the preliminary issue raised by the material available on record. In support of the preliminary issue raised by the material available on record. In support of the preliminary issue raised by the assessee in this appeal challenging the impugned order passed by the ld. CIT(A) this appeal challenging the impugned order passed by the ld. CIT(A) this appeal challenging the impugned order passed by the ld. CIT(A) ex- parte, the ld. Counsel for the assessee has submitted that the notices of hearings , the ld. Counsel for the assessee has submitted that the notices of hearings , the ld. Counsel for the assessee has submitted that the notices of hearings stated to be issued by the ld. CIT(A) were apparently sent to the wrong address and stated to be issued by the ld. CIT(A) were apparently sent to the wrong address and stated to be issued by the ld. CIT(A) were apparently sent to the wrong address and since the assessee company never received the same, it could not appear before the company never received the same, it could not appear before the company never received the same, it could not appear before the ld. CIT(A) on the dates of hearings fixed by him. Since this submission made by the ld. ld. CIT(A) on the dates of hearings fixed by him. Since this submission made by the ld. ld. CIT(A) on the dates of hearings fixed by him. Since this submission made by the ld. Counsel for the assessee is duly supported by an affidavit filed by the Director of the Counsel for the assessee is duly supported by an affidavit filed by the Director of the Counsel for the assessee is duly supported by an affidavit filed by the Director of the assessee company affirming the relevant facts on oath ming the relevant facts on oath, we are satisfied that there was , we are satisfied that there was sufficient cause for the non sufficient cause for the non-compliance on the part of the assessee before the ld. compliance on the part of the assessee before the ld. CIT(A) and even the ld. D/R has not raised any objection in this regard. We, therefore, CIT(A) and even the ld. D/R has not raised any objection in this regard. We, therefore, CIT(A) and even the ld. D/R has not raised any objection in this regard. We, therefore, set aside the impugned order passed by the ld. CIT(A) t aside the impugned order passed by the ld. CIT(A) ex-parte and remit the matter and remit the matter back to him for disposing off the appeal afresh on merits, after giving the assessee back to him for disposing off the appeal afresh on merits, after giving the assessee back to him for disposing off the appeal afresh on merits, after giving the assessee proper and sufficient opportunity of being heard. As undertaken by the ld. Counsel for proper and sufficient opportunity of being heard. As undertaken by the ld. Counsel for proper and sufficient opportunity of being heard. As undertaken by the ld. Counsel for the assessee, the assessee shall make due compliance before the ld. CIT(A) and shall e assessee, the assessee shall make due compliance before the ld. CIT(A) and shall e assessee, the assessee shall make due compliance before the ld. CIT(A) and shall extend all possible cooperation in order to enable the ld. CIT(A) to dispose off the extend all possible cooperation in order to enable the ld. CIT(A) to dispose off the extend all possible cooperation in order to enable the ld. CIT(A) to dispose off the appeal on merits expeditiously. appeal on merits expeditiously.

In the result, appeal of the assessee is treated as a In the result, appeal of the assessee is treated as allowed for statistical llowed for statistical purposes.