M/S. PARK LEATHER COMPANY,KOLKATA vs. ACIT, CIRCLE - 31, KOLKATA, KOLKATA

- This assessee’s appeal for assessment year 2013-14 arises against Commissioner of Income Tax (Appeals)-9 Kolkata’s order dated 23.03.2017 passed in case No.359/CIT(A)-9/Cir-31/2015-16/Kol involving proceedings u/s 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.

The assessee’s sole substantive grievance challenges both the lower authorities action disallowing / adding its short term capital loss of ₹5,62,63,659/- in the course of assessment as affirmed in CIT(A)’s lower appellate order passed ex parte. We notice at the outset that the CIT(A)’s order has stated to have issued three hearing notice(s) 02.11.2016, 22,12,2016 & 22.03.2017 before upholding Assessing Officer’s action disallowing assessee’s capital loss in issue. It is an admitted fact that CIT(A)