SH PRAKASH NARAYAN AGRAWAL ,GWALIOR vs. ACIT CIRCLE -2 , GWALIOR
Facts
The assessee's appeal for assessment year 2010-11 arose against the order of the CIT(A)/NFAC. The CIT(A) had affirmed the Assessing Officer's action of adding Rs. 20,545/- as short-term capital gain and Rs. 61,90,598/- as business income from the sale of shares.
Held
The Tribunal noted that the CIT(A) had affirmed the Assessing Officer's action without ensuring compliance with Section 250(6) of the Act, which requires framing points of determination before adjudication. Therefore, the Tribunal restored the appeal to the CIT(A) for fresh adjudication.
Key Issues
Whether the CIT(A) followed the due procedure under Section 250(6) of the Income-tax Act before adjudicating the appeal.
Sections Cited
147, 250(6)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “DB” BENCH, AGRA
Before: SHRI SATBEER SINGH GODARA & SHRI MANOJ KUMAR AGGARWAL
P a g e | 1 ITA No.37/Agr/2022 Prakash Narayan Agrawal
IN THE INCOME TAX APPELLATE TRIBUNAL “DB” BENCH, AGRA
BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER & SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA No. 37/Agr/2022 (Assessment Year 2010-11)
Prakash Narayan Agrawal, Vs. ACIT, Circle-2 D-55, Harishankar Puram Aayakar Bhawan, Gwalior – 474002 City Centre, Gwalior- 474011 �थायीलेखासं./जीआइआरसं./PAN/GIR No: ABUPA9961F Appellant .. Respondent
Appellant by : Sh. Anurag Sinha, Adv. Respondent by : Sh. Shailender Shrivastava, SR. DR
Date of Hearing 12.02.2025 Date of Pronouncement 12.02.2025
ORDER PER SATBEER SINGH GODARA, JUDICIAL MEMBER: This assessee’s appeal for assessment year 2010-11 arises against Commissioner of Income Tax(Appeals)/National Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s DIN and Order No. ITBA/NFAC/S/250/2021-22/1042155215(1) dated 30.03.202, involving proceedings u/s 147 of the Income-tax Act, 1961, [hereinafter referred to as the ‘Act’].
Heard both the parties at length. Case file perused.
P a g e | 2 ITA No.37/Agr/2022 Prakash Narayan Agrawal
It emerges during the course of hearing that the learned CIT(A) has affirmed the Assessing officer’s action adding Rs.20,545/- as short term capital gain and holding profits from sale of shares of Rs.61,90,598/- as business income than capital gains, in the course of assessment framed on 06.03.2014, without having ensured compliance to Section 250(6) of the Act requiring him to first frame the points of determination than followed by speaking adjudication thereof.
That being the case, we deem it appropriate in the larger interest of justice to restore the assessee’s instant appeal back to the learned CIT(A) for afresh appropriate adjudication preferably within three effective opportunities, in consequential proceedings. Ordered accordingly.
This assessee’s appeal is allowed for statistical purposes.
Order pronounced in the open court on 12.02.2025
Sd/- Sd/- (Manoj Kumar Aggarwal) (Satbeer Singh Godara ) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated 12.02.2025 PS: Rohit/Subodh, Sr. PS Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT
ASSISTANT REGISTRAR
