JILA SAHAKARI KENDRIYA BANK MARYADIT,RAJENDRA PARK TIKAMGARH vs. ACIT, GWALIOR

None appeared on behalf of the assessee. However, the appeal is being decided after hearing the ld. Sr. DR and on the basis of material available on record.

Brief facts of the case:-The assessment in this case, was completed u/s 148/144 of the Act. The Assessing Officer had reopened the assessment on the ground that for AY 2009-10, the assessee had carried forward excessive losses to the extent of Rs.6,78,84,879/- with the potential tax effect of Rs.2,03,56,464/-. The details of carry forward losses are mentioned at page no.2 and 3 of the assessment order. The Assessing Officer disallowed a sum of Rs.3,60,80,773/-, Rs.1,51,24,131/- and Rs.1,66,59,975/- on account of wrong carry forward losses, which was set of in the AY 2009-10.

Aggrieved with the said order, the assessee preferred appeal before the Ld. FAA. The ld. FAA dismissed the appeal of the assessee on the ground that despite opportunities given to the assessee, failed to appear before the ld. FAA and confirmed the finding of the Assessing Officer.

Aggrieved with the said order, the assessee is in appeal before us.

We have heard both the parties. In this case, it is seen that the assessment order was passed u/s 144 r.w.s. 148 of the Act. Similarly, the appeal of the assessee was dismissed ex-parte by the FAA. Therefore, the matter has been decided without appearance of the assessee and the loss claimed by the assessee has been disallowed. We, therefore, in the interest of justice, set-aside the order of the FAA and restore the matter to his file to pass an order afresh after giving a reasonable opportunity of being heard to the assessee. Further, the assessee is also directed to appear before the FAA. Accordingly, grounds of appeal raised by the assessee are allowed for statistical purposes.

In the result, the appeal of the assessee is allowed for statistical purpose.