M/s. Fichem, Ahmedabad V. The Deputy Commissioner of Income Tax, Circle-6(1), Ahmedabad

ITA 150/AHD/2017

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 5858 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 2 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2012-2013
• Appeal Filed On: 18-01-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA NO. 150/AHD/2017 (ASSESSMENT YEAR : 2012-13) M/S. FICHEM., OPP. DHOBIS CHOWL, NR. AJIT MILLS, RAKHIAL, AHMEDABAD APPELLANT VS. DY. COMMISSIONER OF INCOME TAX, CIRCLE - 6(1), AHMEDABAD RESPONDENT PAN: AAAFF2065Q / BY ASSESSEE : NONE / BY REVENUE : SHRI PRASOON KABRA, SR. D.R. /DATE OF HEARING : 15.03.2018 /DATE OF PRONOUNCEMENT : 23.03.2018 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE CIT(A)-6, AHMEDABADS EX PARTE ORDER DATED 30.11.20 16, IN CASE NO. CIT(A) - 6/112/15-16, IN PROCEEDINGS U/S. 143(3) OF THE INCO ME TAX ACT, 1961; IN SHORT THE ACT. 2. CASE CALLED TWICE. NONE APPEARS AT THE ASSESSEE S BEHEST. THE REGISTRY HAS ALREADY SENT IT RELEVANT NOTICE OF HEARING DATED 09 /13.03.2018 THROUGH RPAD. WE ASSUME THEREFORE THAT THE ASSESSEE WOULD HAVE BEEN SERVED THROUGH THE ABOVE RPAD NOTICE. THE INSTANT CASE IS ACCORDINGLY TAKEN UP FOR ADJUDICATION. ITA NO. 150/AHD/17 [M/S. FICHEM VS. DCIT] A.Y. 2012-13 - 2 - 3. IT EMERGES FROM ASSESSEES PLEADINGS THAT IT RAI SES THREE SUBSTANTIVE GROUNDS CHALLENGING THE CIT(A)S ACTION AFFIRMING ASSESSMEN T FINDINGS TREATING ITS SHORT TERM CAPITAL GAINS OF RS.1,91,47,574/- AS BUSINESS INCOME WITH AN ALTERNATIVE PLEA THAT AN AMOUNT OF RS.1,19,62,902/- DERIVED FROM SWI TCHING OVER OF MUTUAL FUNDS UNIT FROM ONE SCHEME TO ANOTHER HAS BEEN TAKEN AS B USINESS PROFITS AND EXPENDITURE DISALLOWANCE OF RS.9,43,474/-; RESPECTIVELY. 4. LEARNED DEPARTMENTAL REPRESENTATIVE TAKES US TO CIT(A)S ORDER PARA 4 INDICATING VARIOUS NOTICES DATED 07.07.2016, 10.08. 2016, 20.09.2016, 24.10.2016 & 15.11.2016 FIXING DATED OF HEARING ON 21.07.2016, 06.09.2016, 05.10.2016, 15.11.2016 & 28.11.2016; RESPECTIVELY. WE FIND THA T THE ASSESSEE COULD NOT APPEAR ON LAST TWO OCCASIONS DESPITE SERVICE OF THE SAID N OTICE. THE FACT ALSO REMAINS THAT IT HAD EARLIER APPEARED AND SOUGHT ADJOURNMENT. BE TH AT AS IT MAY, WE FEEL THAT LARGE INTEREST OF JUSTICE WOULD BE MET IN CASE ONE MORE I NNINGS IS GRANTED TO THE ASSESSEE TO EFFECTIVELY REPRESENT ITS GRIEVANCE BEFORE THE C IT(A) WITHIN THREE OPPORTUNITIES OF HEARING FAILING WHICH OUR INSTANT ORDER WOULD BE DE EMED TO HAVE BEEN VACATED. WE THUS ACCEPT ASSESSEES GRIEVANCE FOR STATISTICAL PU RPOSES BY RESTORING THE INSTANT APPEAL BACK TO THE CIT(A) FOR AFRESH ADJUDICATION A S PER LAW. 5. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES. [PRONOUNCED IN THE OPEN COURT ON THIS THE 23 RD DAY OF MARCH, 2018.] SD/- SD/- ( AMARJIT SINGH ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 23/03/2018 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ITA NO. 150/AHD/17 [M/S. FICHEM VS. DCIT] A.Y. 2012-13 - 3 - ( )* + ,--. . /0 / DR, ITAT, AHMEDABAD 1 + 23 4 5 / GUARD FILE. BY ORDER / . // . /0