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Facts
The assessee filed appeals for Assessment Years 2006-07 to 2009-10. The appeals were confirmed by the lower authorities due to the assessee's lack of representation. The gains on securities were treated as business income, which the assessee could not rebut with documentary evidence.
Held
The Tribunal, considering the principles of natural justice, decided to grant the assessee another opportunity to be heard before the CIT(A). The impugned orders were set aside, and the appeals were restored to the CIT(A) for fresh adjudication.
Key Issues
Whether the assessee should be granted another opportunity of hearing before the CIT(A) for proper adjudication of the case.
Sections Cited
Section 34(4) of Income Tax (Appellate Tribunal) Rules, 1963
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Income Tax Appellate Tribunal, “SMC” BENCH, AGRA
Before: HON’BLE SHRI SATBEER SINGH GODARA, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeals by assessee for Assessment Years (AY) 2006- 07 to 2009-10 arises out of separate orders of learned first appellate authority confirming the quantum assessments for all these years for want of any representation from the assessee.
Upon perusal of para-7 of impugned order dated 30-03-2022 as passed by Learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] for AY 2006-07, it could be seen that the gains on securities were treated as business income by Ld. AO and the assessee could not rebut the same by documentary evidences. Accordingly, the assessment was confirmed against which the assessee is in further appeal before us. The impugned orders for subsequent years are also on similar lines. Considering this fact, Ld.AR has pleaded for another opportunity of hearing before Ld. CIT(A) which has been opposed by Ld. Sr. DR.
Keeping in mind the principles of natural justice, we deem it fit to afford another opportunity of hearing to the assessee to substantiate its case before Ld. CIT(A). Accordingly, the impugned orders, for all the years, are set aside and the appeals are restored back to the file of Ld. CIT(A) for de novo adjudication after affording reasonable opportunity of hearing to the assessee. The assessee is directed to substantiate its cases forthwith.
All the appeals stand allowed for statistical purposes as indicated upon conclusion of hearing. Order pronounced u/r 34(4) of Income Tax (Appellate Tribunal) Rules, 1963.