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Income Tax Appellate Tribunal, DELHI BENCH ‘B’, NEW DELHI
Before: Dr. B. R. R. KumarMs. Astha Chandra
ORDER
Per Dr. B. R. R. Kumar, Accountant Member:
The present appeal has been filed by the assessee against the order of National Faceless Appeal Centre (NFAC), Delhi dated 27.02.2023.
Following grounds have been raised by the assessee:
On the facts and in the circumstances of the case and in law the NFAC, Delhi erred in confirming the action of the Income Tax Officer, Delhi in disallowing the loss suffered by the assessee on account of writing off of current investment in a sum of Rs.53,62,544/-.
On going through the record, we find that the ld. CIT(A) has summarily confirmed ex-parte, the order of the Assessing Officer and dismissed the appeal of the assessee owing to the absence of representation from the side of the assessee. Before
Cheekotl Ventrue Fund Pvt. Ltd. us, it was pleaded given an opportunity due compliance would be made before the ld. CIT(A). Hence, the case is being remanded back to the file of the ld. CIT(A) to adjudicate the issue on merits by passing a speaking order. The department would be at liberty to initiate proceedings in accordance with the provisions of Income Tax Act for non-compliance to the notices, if any.
In the result, the appeal of the assessee is allowed for statistical purposes. Order Pronounced in the Open Court on 31/08/2023.