M/s. Wizard Traders Pvt. Ltd., , Kolkata V. ITO, Ward - 6(4) , Kolkata

ITA 2693/KOL/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5730 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 31-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMITAVA BHATTACHARYA
• Keywords: Set aside
• Section: 143(3); 14A

Judgement Text

I.T.A. NO. 2693/KOL/2018 (ASSESSMENT YEAR: 2014-2015) M/S. WIZA RD TRADERS PVT. LIMITED 1 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA B(SMC) BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT (KZ) I.T.A. NO. 2693/KOL/2018 ASSESSMENT YEAR: 2014-2015 M/S. WIZARD TRADERS PVT. LIMITED,.................. ...............................APPELLANT 56, NETAJI SUBHAS ROAD, 4 TH FLOOR, KOLKATA-700 001 [PAN: AAACW 2797 B] -VS.- INCOME TAX OFFICER,................................ .............................. RESPONDENT WARD-6(4), KOLKATA, AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 APPEARANCES BY: SHRI SUNIL SURANA, FCA, FOR THE APPELLANT SHRI AMITAVA BHATTACHARYA, ADDL. CIT, SR. D.R., FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : MAY 06, 2019 DATE OF PRONOUNCING THE ORDER : MAY 06, 2019 O R D E R PER SHRI P.M. JAGTAP, VICE-PRESIDENT (KOLKATA ZONE) :- THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-19, KOLKATA DA TED 23.10.2018 PASSED EX-PARTE, WHEREBY HE DISMISSED THE APPEAL OF THE ASSESSEE FOR NON-PROSECUTION. 2. THE ASSESSEE IN THE PRESENT CASE IS A NON-BANKIN G FINANCE COMPANY, WHICH IS ALSO ENGAGED IN SHARE TRADING BUS INESS. THE RETURN OF INCOME FOR THE YEAR UNDER CONSIDERATION WAS FILED B Y IT ON 14.09.2014 DECLARING TOTAL INCOME OF RS.2,89,955/-. IN THE ASS ESSMENT COMPLETED UNDER SECTION 143(3) VIDE AN ORDER DATED 16.12.2016 , THE TOTAL INCOME OF THE ASSESSEE WAS DETERMINED BY THE ASSESSING OFFICE R AT RS.12,68,866/- I.T.A. NO. 2693/KOL/2018 (ASSESSMENT YEAR: 2014-2015) M/S. WIZA RD TRADERS PVT. LIMITED 2 AFTER MAKING THE ADDITIONS OF RS.9,68,687/- AND RS. 10,224/- ON ACCOUNT OF DISALLOWANCE OF LONG-TERM CAPITAL LOSS AND DISALLOW ANCE UNDER SECTION 14A RESPECTIVELY. 3. AGAINST THE ORDER PASSED BY THE ASSESSING OFFICE R UNDER SECTION 143(3), AN APPEAL WAS PREFERRED BY THE ASSESSEE BEF ORE THE LD. CIT(APPEALS) AND SINCE THERE WAS NO SATISFACTORY CO MPLIANCE TO THE NOTICES ISSUED BY HIM FIXING THE SAID APPEAL FOR HE ARING FROM TIME TO TIME, THE LD. CIT(APPEALS) DISMISSED THE APPEAL OF THE AS SESSEE FOR NON- PROSECUTION VIDE HIS APPELLATE ORDER DATED 23.10.20 18 PASSED EX-PARTE. AGGRIEVED BY THE ORDER OF THE LD. CIT(APPEALS), THE ASSESSEE HAS PREFERRED THIS APPEAL BEFORE THE TRIBUNAL. 4. I HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AND ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. THE LD. COUN SEL FOR THE ASSESSEE HAS SUBMITTED THAT EVEN THOUGH THE APPEAL OF THE ASSESS EE WAS FIXED FOR HEARING BY THE LD. CIT(APPEALS) ON FOUR OCCASIONS, THE ASSESSEE SOUGHT ADJOURNMENT ON THE LAST DATE OF HEARING FIXED ON 23 .10.2018. HE HAS SUBMITTED THAT WHEN THE ASSESSEE CAME TO KNOW ABOUT THE REJECTION OF HIS REQUEST OF ADJOURNMENT BY THE LD. CIT(APPEALS), A W RITTEN SUBMISSION WAS PREPARED AND FILED BY IT ON 24.10.2018. HE HAS CONT ENDED THAT THE LD. CIT(APPEALS), HOWEVER, DISMISSED THE APPEAL OF THE ASSESSEE VIDE HIS IMPUGNED ORDER PASSED EX-PARTE ON 23.10.2018 ITSELF WITHOUT GOING INTO THE MERIT OF THE CASE AND WITHOUT CONSIDERING THE W RITTEN SUBMISSION FILED BY THE ASSESSEE ON 24.10.2018. HE HAS URGED T HAT THE MATTER MAY, THEREFORE, BE SENT BACK TO THE LD. CIT(APPEALS) FOR DECIDING THE SAME ON MERIT AFTER CONSIDERING THE WRITTEN SUBMISSION FILE D BY THE ASSESSEE. KEEPING IN VIEW ALL THE FACTS AND CIRCUMSTANCES OF THE CASE, I AM INCLINED TO ACCEPT THE REQUEST MADE ON BEHALF OF THE ASSESSE E AND SINCE THE LD. D.R. HAS ALSO NOT RAISED ANY OBJECTION IN SENDING THE MA TTER BACK TO THE LD. CIT(APPEALS), I SET ASIDE THE IMPUGNED ORDER PASSED BY THE LD. CIT(APPEALS) EX-PARTE AND REMIT THE MATTER BACK TO HIM FOR DECIDING THE I.T.A. NO. 2693/KOL/2018 (ASSESSMENT YEAR: 2014-2015) M/S. WIZA RD TRADERS PVT. LIMITED 3 SAME AFRESH ON MERIT AFTER GIVING ONE MORE OPPORTUN ITY OF BEING HEARD TO THE ASSESSEE. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TRE ATED AS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON MAY 06, 2019. SD/- (P.M. JAGTAP) VICE-PRESIDENT (KZ ) KOLKATA, THE 6 TH DAY OF MAY, 2019 COPIES TO : (1) M/S. WIZARD TRADERS PVT. LIMITED, 56, NETAJI SUBHAS ROAD, 4 TH FLOOR, KOLKATA-700 001 (2) INCOME TAX OFFICER, WARD-6(4), KOLKATA, AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 (3) COMMISSIONER OF INCOME TAX (APPEALS)-19, KOLKA TA, (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.