SONWDROP VINCOM PVT. LTD.,HOWRAH vs. ITO, WARD - 10(1), KOLKATA, KOLKATA

At the outset, the Ld. Counsel for the assessee submitted that there is a delay of 16 days in filing the appeal. The Ld. Counsel for the assessee filed a condonation petition which is reproduced as under:

First of all we shall adjudicate the assessee’s appeal in and 1039/Kol/2024 for AY 2010-11 & 2011-12.

Brief facts of the case of the assessee are that the assessee is a company engaged in the business of investment and trading in shares, securities, bonds, loans and advances and other financial activities. The assessee filed its return of income declaring total income of Rs. 7,450/-. An assessment order u/s 144 read with Section 147 of the Act was passed on 08.11.2016 and AO added an amount of Rs. 1,78,50,000/- u/s 68 of the Act. Subsequently, one more assessment order u/s 144 read with Section 147 of the Act was passed by the AO on 18.10.2017 after making addition of Rs. 3,51,09,552/- u/s 69C of the Act. An assessment order passed by the AO u/s 144 read with Section 147 of the Act dated 21.12.2018 and 28.11.2016 the AO added an amount of Rs. 36,61,61,900/- and Rs. 5,28,23,495/- u/s 68 of the Act.

The said order has been challenged by the assessee before the Ld. CIT(A) by filing two appeals wherein the Ld. CIT(A) vide its order dated 22.02.2024 dismissed the appeal of the assessee on account of non-compliance by the assessee during appellate proceedings.

The Ld. Counsel in stead of arguing into merit of the case has only submitted that the assessee has been given an opportunity to place his case before the AO as the order passed by the AO and the Ld. CIT(A) in absence of the assessee. The Ld. Counsel fairly submitted that the assessee has sufficient documentary evidences to substantiate his claim before the AO hence in the interest of justice the assessee has been given an opportunity to place his case before the AO.

The Ld. D.R supports the impugned order. to 1040/Kol/2024 Assessment Years: 2010-11 & 2011-12 Snowdrop Vincom Pvt. Ltd.

We have perused the order of AO and the Ld. CIT(A) find that the AO has passed the order in both assessment year in absence of the assessee as the assessee did not turn up in spite of issuing of notices u/s 148. We have also perused the order of Ld. CIT(A) and find that the appeals of the assessee have been dismissed as the assessee was remained non-compliant during appellate proceedings. Keeping in view the facts of the case and considering the submission made by the assessee, in the interest of justice we are inclined to give an opportunity to the assessee to place his case before the AO. Accordingly, the order passed by the AO confirmed by the Ld. CIT(A) are hereby set aside and record is restored in the file of AO. The AO is directed to pass the order afresh after hearing the assessee.

Now we shall adjudicate the assessee’s penalty appeal in & 1040/Kol/2024 for AY 2010-11 and 2011-12.