TOPMOST DEALMARK PVT. LTD.,KOLKATA vs. ITO, WARD 9(1), KOLKATA

The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre, Delhi, (hereinafter the “ld. CIT(A)”) dt. 20/12/2023, passed u/s 250 of the Income Tax Act, 1961 (“the Act”) for Assessment Year 2012-13.

The Registry has pointed out that there is a delay of 26 days in filing of this appeal. Affidavit has been filed in support of the prayer for condonation of delay and the delay is mainly on account of the ill health of the accountant of the assessee concern which restrained him to look after the regular office affairs and could not check the income tax portal from time to time. At a later stage when it was found that ex-parte order has already been passed by the ld. CIT(A), the assessee preferred appeal before this Tribunal. Under these circumstances, Assessment Year: 2012-13 Topmost Dealmark Pvt. Ltd. where the assessee was prevented by sufficient and bonafide cause from filing this appeal on time, we deem it fit to condone the delay and admit the captioned appeal for hearing on merits.

At the outset, the ld. Counsel for the assessee requested that the assessee did not get fair opportunity to file the details before both the lower authorities. That the assessee possesses all relevant information and documentary evidence to explain the nature and source of the alleged cash credit received during the year in the form of share capital. The assessee also referred to the affidavit as well as the detailed paper book which are placed on record. On the other hand, the ld. D/R, though supported the orders of the lower authorities but did not oppose if the issues are remitted back to the file of the lower authorities.

We have heard rival contention and perused the material placed before us. We notice that the assessee is a private limited company and has furnished the return for Assessment Year 2012-13 declaring loss of Rs.1,35,934/-. Case selected for scrutiny for the reason “to examine large share premium received”. After validly serving notice u/s 143(2) of the Act, the ld. Assessing Officer issued a questionnaire u/s 142(1) of the Act to file various details to explain the nature and source of share capital of Rs.6.49 Crores raised during the year. Notice u/s 133(6) of the Act were issued to which certain replies were received. However, various other details called for by the ld. Assessing Officer could not be supplied for want of time since the notices were sent at the end of February, 2015 and assessment was completed March, 2015. 3 Assessment Year: 2012-13 Topmost Dealmark Pvt. Ltd. The ld. Assessing Officer completed the assessment after making additions u/s 68 of the Act as well as u/s 35D of the Act and assessed the income of the assessee at Rs.6,48,78,066/-. Assessee carried the matter in appeal before the ld. CIT(A) but there was no response on various dates fixed by the ld. CIT(A) for which notices were sent through ITBA portal. As claimed by the assessee through an affidavit (placed on record) that the accountant of the assessee company looking after the income tax affairs did not check the income tax portal on account of his ill health. However, in the affidavit, the assessee has given undertaking that it shall make due compliance in case an opportunity is granted to appear before the lower authorities. Considering the facts of case, where the ld. CIT(A) has passed a non- speaking order and also the short span of time given by the ld. Assessing Officer to the assessee for furnishing necessary details for completing the assessment proceedings, we in the interest of justice and being fair to both the parties deem it fit and proper to restore the issue raised on merits of the case to the file of the ld. Assessing Officer for de novo adjudication for which reasonable opportunity should be provided to the assessee. Further the details filed by the assessee in form of the paper book needs to be placed before the ld. Assessing Officer at the time of hearing who shall then decide the issue in accordance with law. Needless to mention that, the assessee be compliant, shall not take adjournment and should appear on the very first date of hearing unless otherwise for a bonafide cause and furnish the details in support of its grounds. Ld. Assessing Officer should