PELLURU VISHNUVARDHANA REDDY,CHENNAI vs. ITO, NON CORP CIRCLE 7(1), CHENNAI

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ITA 402/CHNY/2024Status: DisposedITAT Chennai01 May 2024AY 2015-16Bench: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI (Judicial Member)3 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the impugned order and restored the assessment to the file of the AO for a fresh assessment. The assessee was granted another opportunity to present its case and substantiate its claims.

What were the facts?

The assessee's appeal for AY 2015-16 was against an assessment order that made an addition of Rs. 189.01 Lacs under capital gains. The assessee failed to make a representation before the CIT(A), leading to the confirmation of the assessment.

What were the issues?

Whether the assessee was denied a fair opportunity to present its case regarding the valuation of capital gains. The need to ensure principles of natural justice are followed.

Which sections of the Income-tax Act were involved?

Section 147,Section 144B

AI-generated summary — verify with the full judgment below

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.

2.

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.

3.

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

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