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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI
Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM & HON’BLE SHRI MANU KUMAR GIRI, JM
O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2015- 16 arises out of the order of learned Commissioner of Income Tax, (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 11-01-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 147 r.w.s. 144B of the Act on 30-03-2022. In the assessment order, Ld. AO made addition of Rs.189.01 Lacs under the head capital gains. Though the assessee preferred further appeal, it failed to make any representation and accordingly, the assessment was confirmed. Aggrieved, the assessee is in further appeal before us.
The Ld. AR submitted that the matter of valuation was not referred to Ld. DVO. At the same time, Ld. AR sought another opportunity of hearing before Ld. AO to substantiate its case. The same has been opposed by Ld. Sr. DR. Considering the fact that the assessee has raised the issue of valuation and it has not made any representation during appellate proceedings as well as keeping in mind the principle of natural justice, we deem it fit to grant another opportunity of hearing to the assessee. Accordingly, the impugned order is set aside and the assessment is restored back to the file of Ld. AO for de novo assessment after affording opportunity of hearing to the assessee. The assessee is directed to substantiate its case forthwith without any fail failing which Ld. AO shall be at liberty to proceed with framing of assessment.
The appeal stand allowed for statistical purposes. Order pronounced on 1st May, 2024 (MANU KUMAR GIRI) (MANOJ KUMAR AGGARWAL) "ाियक सद4 / JUDICIAL MEMBER लेखा सद4 / ACCOUNTANT MEMBER चे4ई Chennai; िदनांक Dated : 01-05-2024 DS आदेशकीSितिलिपअ/ेिषत/Copy of the Order forwarded to : 1. अपीलाथ"/Appellant 2. " थ"/Respondent 3. आयकरआयु=/CIT 4. िवभागीय"ितिनिध/DR 5. गाडBफाईल/GF