KAILASHKUMAR MAMRAJ AGRAWAL, Amaravati V. ACIT, AMRAVATI CIRCLE, AMRAVATI, Nagpur

ITA 321/NAG/2013

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 1664 (ITAT-NAGPUR)
• Duration Of Justice: 2 year(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-08-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2007-2008
• Appeal Filed On: 22-07-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NARENDRA KANE
• Assessee Lawyers: R R JOSHI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, NAGPUR BEFORE SHRI MUKUL K. SHRAWAT, JUDICIAL MEMBER ITA NO. 321/NAG./2013 ( ASSESSMENT YEAR : 2007-08 ) KAILASHKUMAR MAMRAJ AGRAWAL SADAR BAZAR, PARATWADA DISTRICT AMRAWVATI PAN AAQPA7242J APPELLANT V/S ASSTT. COMMISSIONER OF INCOME TAX AMRAVATI CIRCLE, AAYAKAR BHAVAN AMRAVATI .... RESPONDENT ASSESSEE BY : SHRI R.R. JOSHI REVENUE BY : SHRI NARENDRA KANE DATE OF HEARING 20.07.2015 DATE OF ORDER 20.08.20 15 O R D E R THIS APPEAL FILED BY THE ASSESSEE IS EMANATING FROM THE ORDER IMPUGNED DATED 1 ST MARCH 2013, PASSED BY THE LEARNED COMMISSIONER (APPEALS)-II, NAGPUR, FOR THE ASSESSMENT YEAR 2007-08, O N THE FOLLOWING GROUNDS OF APPEAL:- 1. THE LEARNED CIT(A) ERRED IN DISMISSING THE APPEAL; 2. THE LEARNED CIT(A) ERRED IN DISMISSING THE APPEAL ON ME RITS; 3. THE LEARNED CIT(A) ERRED IN DISALLOWING INTEREST EXPENSE S AT ` 2,08,695; KAILASHKUMAR MAMRAJ AGRAWAL 2 4. THE LEARNED CIT(A) ERRED IN DISALLOWING THE DEPRECIATI ON; 5. THE LEARNED CIT(A) ERRED IN DISALLOWING VEHICLE EXPENSES; 6. THE LEARNED CIT(A) ERRED IN NOT ALLOWING SET-OFF OF PROFI TS FROM FORWARD TRADING AND SHARE TRADING AGAINST THE SPECULATION L OSS; 7. THE LEARNED CIT(A) ERRED IN SETTING OFF SHORT TERM CAPI TAL LOSS AGAINST EXEMPTED LONG TERM CAPITAL GAIN. 2. AT THE OUTSET, I HAVE BEEN INFORMED THAT ALTHOUGH THE ASSESSEE HAD MADE REQUEST FOR ADJOURNMENT BUT THE SAME WAS NOT GRANTED BY THE LEARNED CIT(A) AND PROCEEDED ALMOST EX-PARTE AGAINST T HE ASSESSEE. THE LEARNED CIT(A), VIDE PARA-3 OF HIS ORDER, HAS MENTIO NED THAT THE APPROACH OF THE ASSESSEE WAS VERY CASUAL IN NATURE A ND NOT INTERESTED TO PURSUE THE APPEAL. WITHOUT GRANTING THE REASONABL E OPPORTUNITY TO SUBMIT THE DETAILS AND EVIDENCES, THE LEARNED CIT(A) H AS AFFIRMED THE DISALLOWANCE AS MADE BY THE ASSESSING OFFICER. 3. WITH THE ABOVE BRIEF FACTUAL BACKGROUND, THE LEARNED CO UNSEL FOR THE ASSESSEE APPEARING BEFORE ME MADE A STATEMENT AT BAR THAT IF AN OPPORTUNITY BE GRANTED THEN THE ASSESSEE ALONG WITH HIS AUTHORIZED REPRESENTATIVE SHALL APPEAR BEFORE THE LEARNED CIT(A) WITH ALL THE EVIDENCES. 4. CONSIDERING THE TOTALITY OF THE FACTS AND CIRCUMSTANCE S OF THE CASE, I AM OF THE CONSIDERED OPINION THAT THE ASSESSEE DES ERVES ANOTHER OPPORTUNITY OF HEARING BEFORE THE FIRST APPELLATE AUTH ORITY. CONSEQUENTLY, I RESTORE THIS MATTER TO THE FILE OF THE LEARNED CIT(A) FOR DENOVO ADJUDICATION OF THE ISSUES ON MERITS AFTER PRO VIDING DUE AND EFFECTIVE OPPORTUNITY OF HEARING TO THE ASSESSEE. THE A SSESSEE IS ALSO HEREBY DIRECTED TO EITHER APPEAR HIMSELF OR THROUGH HIS AUTHORIZED REPRESENTATIVE BEFORE THE LEARNED CIT(A) WITHIN THIRT Y DAYS FROM THE KAILASHKUMAR MAMRAJ AGRAWAL 3 DATE OF RECEIPT OF THIS ORDER SUO-MOTU WITHOUT WAITIN G FOR ANY FORMAL NOTICE OF HEARING AND TAKE ALL NECESSARY STEPS TO GE T THIS APPEAL FINALIZED AT AN EARLY DATE. HOWEVER, THE REVENUE AUTH ORITIES ARE AT LIBERTY TO ADOPT DUE LEGAL RECOURSES AS PRESCRIBED UNDER THE INCOME TAX ACT, 1961. WE ORDER ACCORDINGLY. 5. IN THE RESULT, ASSESSEES APPEAL STANDS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON SD/ - MUKUL K. SHRAWAT JUDICIAL MEMBER NAGPUR, DATED: 20 TH AUGUST 2015 COPY OF THE ORDER FORWARDED TO : (1) THE ASSESSEE; (2) THE REVENUE; (3) THE CIT(A); (4) THE CIT, NAGPUR CITY CONCERNED; (5) THE DR, ITAT, NAGPUR; (6) GUARD FILE. TRUE COPY BY ORDER PRADEEP J. CHOWDHURY SR. PRIVATE SECRETARY A SSISTANT REGISTRAR ITAT, NAGPUR