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Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA
Before: Shri S.S, Godara
आदेश /O R D E R This assessee’s appeal for assessment year 2012-13, arises against the Commissioner of Income-tax (Appeals)-1, Kolkata’s order dated 29.05.2018 passed in case No.1687/CIT(A)-1/Ward-1(3)/2015-16 involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’.
It is noticed at the outset that the CIT(A) has passed his lower appellate order ex parte thereby affirming Assessing Officer’s action invoking sec.36(1)(iii) r.w.s 14A r.w.s. 8D disallowing of loss in foreign exchange through MCX involving respective figures of ₹13,26,921/-, ₹66,365 & 16,36,911/- respectively. Mr. Choudhury’s case is that CIT(A) has rightly upheld the assessment findings since the assessee had not put in appearance during the lower appellate proceedings. I find that CIT(A) has declined the assessee’s appeal not on merits but on account of non-appearance. I therefore Selehium Trading Pvt. Ltd. Vs. ITO Wd--1(3) Kol. Page 2 deem it appropriate in this facts and circumstances that on larger interest would be made in case the CIT(A) has adjudicated all the three issues on merits after affording adequate opportunities of hearing. The assessee had not sought any adjournment in the impugned second round as a matter of routine.