J V STOCK BROKING PVT. LTD.,KANPUR vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-5, KANPUR

(A) This appeal vide I.T.A. No.553/Lkw/2024 has been filed by the assessee for assessment year 2011-12 against impugned appellate order dated 12/07/2024 (DIN & Order No.ITBA/NFAC/S/250/2024- 25/1066640589(1) of Commissioner of Income Tax (Appeals) [“CIT(A)” for short].

(B) The facts of the case, in brief, are that in this case assessment order dated 10/12/2018 was passed by the Assessing Officer whereby the assessee’s total income was assessed at Rs.23,68,932/- (rounded off to Rs.23,68,630/-). In the aforesaid order, an addition of Rs.5,47,532/- was made by the Assessing Officer u/s 68 of the I. T. Act. Relevant portion of the assessment order is reproduced below:

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(B.1) The assessee’s appeal against the aforesaid assessment order was dismissed by the learned CIT(A) vide impugned appellate order dated 12/07/2014. Relevant portion of the impugned order of learned CIT(A) is reproduced below:

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(B.1) The present appeal has been filed by the assessee against the aforesaid impugned appellate order dated 12/07/2024 of the learned CIT(A). At the time of hearing, the learned A.R. for the assessee submitted that the learned CIT(A) has passed the aforesaid order without providing reasonable opportunity to the assessee. He submitted that the issue regarding the aforesaid addition of Rs.5,47,532/- should be restored back to the file of the learned CIT(A) with the direction to pass fresh order in accordance with law after providing reasonable opportunity to the assessee. Learned D.R. for Revenue expressed no objection to this.

(C) In view of the foregoing and as representatives of both sides are in agreement with this, the issue in dispute regarding aforesaid addition of Rs.5,47,532/- is restored back to the file of the learned CIT(A) with the direction to pass de novo order on this issue in accordance with law after providing reasonable opportunity of being heard to the assessee.

(D) In the result, the appeal is partly allowed for statistical purposes.

(Order pronounced in the open court on 18/12/2024)

Sd/. (ANADEE NATH MISSHRA) Accountant Member Dated:18/12/2024 *Singh

Copy of the order forwarded to : 1. The Appellant 2. The Respondent. 3. Concerned CIT