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Income Tax Appellate Tribunal, KOLKATA BENCH “D” KOLKATA
Before: Shri S.S.Godara & Dr. A.L. Saini
आदेश /O R D E R PER S.S.Godara, Judicial Member:- This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-3, Kolkata’s order dated 13.08.2018 passed in case No.620/CIT(A)-3/W 9(2)/15-16/Kol, involving proceedings u/s 144 of the Income Tax Act, 1961; in short ‘the Act’.
The assessee’s sole substantive grievance seeks to reverse both the lower authorities action treating its share capital / premium of ₹2,62,50,000/- as unexplained cash credits. It transpires at the outset that the CIT(A) has passed his lower appellate order ex parte whilst affirming Assessing Officer’s impugned action. The assessee had duly filed its adjournment petition on the Gentle Commosales Pvt. Ltd. Vs. ITO Wd-9(2), Kol. Page 2 last date of hearing i.e. 01.08.2018. The same stood rejected giving rise to the impugned ex parte lower appellate adjudication. We deem it appropriate in these facts and circumstances that larger interest of justice would be met in case the CIT(A) once again re-adjudicates the entire issue. We therefore restore the issue back to the CIT(A). The assessee itself is directed to appear before the CIT(A) on or before 1st August, 2019 alongwith a copy of this order. It shall prove identity, genuineness and creditworthiness of its share capital in issue within three effective opportunities of hearing in consequential lower appellate proceedings.