M/S CHARIOT AGENCY (P) LTD.,KOLKATA vs. ITO, WARD - 6(1), KOLKATA, KOLKATA

- This assessee’s appeal for assessment year 2009-10 arises against the Commissioner of Income Tax (Appeals)-23, Kolkata’s order dated 20.03.2017 passed in case No.148/CIT(A)-23/W-6(1)/16-17 involving proceedings u/s 143(3) r.w.s. 144 r.w.s. 147 rw.s. 263 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the sides. Case file perused.

This assessee’s sole substantive ground raised in the instant appeal challenges both the lower authorities’ action treating its share application / premium amounting to ₹5,86,15,000/- to be its unexplained cash credits u/s 68 of the Act. We notice at the outset that the CIT(A) has passed his lower appellate order ex parte against the assessee whilst affirming the Assessing Officer’s action making the impugned addition. It transpires during the course of hearing that CIT(A) had failed to serve the relevant hearing notice at the first instance. He then deputed his office