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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
O R D E R Per Bench : This assessee’s appeal in (alongwith its stay application SA No.194/Coch/2023 therein) for assessment year 2014-2015 arises out of the order of the Commissioner of Income-tax (Appeals) / NFAC vide DIN & Order No.ITBA/NFAC/S/250/2023-24/1054663420(1) dated 27.07.2023 in proceedings u/s.143(3) r.w.s. 147 of the Income-tax Act, 1961; in short “the Act” hereinafter.
Heard both the parties. Case files perused.
It emerges during the course of hearing that the CIT(A)/NFAC has noted the assessee's failure to plead and prove genuineness of unsecured loans of Rs.32,60,000/- right & SA No.194/Coch/2023. Hotel Sea Pearl. from sec.143(3) scrutiny up-to lower appellate proceedings. Learned senior counsel submits that the assessee is very much ready with all the supportive material now; if granted an effective innings once more.
Learned Sr.DR could hardly dispute the clinching fact that the CIT(A)/NFAC's order has nowhere decided the assessee's substantive grounds on merits as contemplated u/sec.250(6) of the Act requiring it to give points for determination followed by a detailed adjudication thereof. Faced with the situation, we deem it appropriate in the larger interest of justice to restore the assessee's instant appeal back to the CIT(A)/NFAC for it's afresh adjudication, preferably within three effective opportunities of hearing, subject to the rider that it shall be the taxpayer's risk and responsibility only to file and prove all the relevant facts in consequential proceedings. Ordered accordingly.
Delay of 73 days in filing this appeal before the tribunal is condoned in light of assessee's solemn averments in it's condonation petition.
To sum up, this assessee's appeal is allowed for statistical purposes and it's stay application SA No.194/Coch/2023 is dismissed as rendered infructuous in above terms. A copy of the common order be placed in the respective case files.