Shri Manoj Kumar Pugalia, Kolkata V. ITO, Ward - 35(4), Kolkata, Kolkata

ITA 337/KOL/2012

• Counselvise Citation: 33723514 RSA 2012
• Duration Of Justice: 1 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-04-2012
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 02-03-2012
• Court: TRIBUNAL
• Department Lawyers: P S DUTTA
• Assessee Lawyers: V N PUROHIT
• Keywords: Opportunity of being heard; Speculation loss

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL, BEN CH A, KOLKATA () BEFORE , ,, , , SHRI MAHAVIR SINGH, JUDICIAL MEMBER. /AND . .. . ! ! ! !. .. . , '# SHRI C.D.RAO, ACCOUNTANT MEMBER $ $ $ $ / ITA NO . 337/KOL/2012 %& '(/ ASSESSMENT YEAR : 2006-07 (*+ / APPELLANT ) SHRI MANOJ KUMAR PUGALIA, KOLKATA (PAN:AFHPP 8904 Q) (,-*+/ RESPONDENT ) I.T.O., WARD-35(4), KOLKATA *+ . / '/ FOR THE APPELLANT: SHRI V.N.PUROHIT ,-*+ . / '/ FOR THE RESPONDENT: SHRI P.S.DUTTA 0%1 . !# /DATE OF HEARING : 02.04.2012. 2' . !# /DATE OF PRONOUNCEMENT : 20.04.2012. '3 / ORDER . .. . ! ! ! !. .. . , '# PER SHRI C.D.RAO, AM THE ABOVE APPEAL IS FILED BY ASSESSEE AGAINST ORDER DATED 21.11.2011 OF THE LD. CIT-(A)- XX, KOLKATA PERTAINING TO A.YR. 2006-07. 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS O F APPEAL :- (1) THAT FOR THE FACTS AND UNDER THE CIRCUMSTANCES OF THE CASE THE C.L.T.(A) HAS ERRED IN NOT GIVING ANY PROPER OPPORTUNITY OF BEING HEARD IN AS MUCH AS THERE IS NO CHANGE IN ADDRESS AS ON RECORD OF ITO. FROM WHOM COMMUNICA TION ARE STILL BEING RECEIVED. (2) THAT WITHOUT PREJUDICE TO ABOVE GROUND, CIT. HA S ERRED IN TREATING TRANSACTION IN DERIVATIVES (FUTURE & OPTIONS) AS SPECULATION LOSS AND DISALLOWING THE LOSS OF RS. 2,43,789/- AS BUSINESS LOSS. (3) THAT YOUR APPELLANT CRAVES LEAVE TO ADD, TO AM END MODIFY, REPLACE OR WITHDRAW THE ABOVE GROUND ON OR BEFORE THE HEARING OF THE AP PEAL 2 3. AT THE TIME OF HEARING BEFORE US THE LD. COUNSE L APPEARING ON BEHALF OF ASSESSEE HAS SUBMITTED THAT THE LD. CIT(A) HAS PASSED EXPART E ORDER BY OBSERVING THAT ASSESSEE HAS NOT INTIMATED THE CHANGE OF ADDRESS. UNDER THIS CIRCUMSTANCES THE APPEAL IS DECIDED EXPARTE ON THE MATERIAL AVAILABLE ON RECORD . AT THE SAME TIME WITHOUT DISCUSSING THE ISSUE ON MERITS HE DISMISSED THE APP EAL OF ASSESSEE BY OBSERVING THAT ASSESSEE HAS BROUGHT NO MATERIAL ON RECORD TO CONTR OVERT THE FINDINGS OF AO. THEREFORE HE REQUESTED TO SET ASIDE THIS ISSUE TO THE FILE OF CIT(A) FOR FRESH ADJUDICATION AFTER GIVING A REASONABLE OPPORTUNITY OF BEING HEARD TO A SSESSEE. 4. ON THE OTHER HAND, THE LD. DR APPEARING ON BEHAL F OF THE REVENUE HAS NOT OBJECTED FOR THE SAID REQUEST OF THE LD. COUNSEL FO R ASSESSEE. 5. AFTER CAREFUL PERUSAL OF MATERIALS AVAILABLE ON RECORD AND THE IMPUGNED ORDER IT IS NOT FAIR ON THE PART OF LD. CIT(A TO SAY ON ONE SIDE THAT NOTICE HAS BEEN RETURNED UNSERVED AND ASSESSEE HAS NOT INTIMATED THE CHANGE OF ADDRESS AND ON THE OTHER HAND HE DISMISSED THE APPEAL BY STATING THAT ASSESSEE HA S BROUGHT NO MATERIAL ON RECORD TO CONTROVERT THE FINDINGS. THEREFORE WE SET ASIDE THE ORDER OF LD. CIT(A) AND RESTORE THE MATTER TO THE FILE OF CIT(A) TO DECIDE AFRESH AS PE R LAW AFTER GIVING A REASONABLE OPPORTUNITY OF BEING HEARD TO ASSESSEE. 6. IN THE RESULT THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE COURT ON 20.04.2012. SD/- SD/- , ,, , MAHAVIR SINGH, JUDICIAL MEMBER . .. . ! ! ! !. .. . , , , , '# '# '# '# , C.D.RAO, ACCOUNTANT MEMBER. ( (( (!# !# !# !#) )) ) DATE: 20.04.2012. R.G.(P.S.) 3 '3 . ,4 5'4'6- COPY OF THE ORDER FORWARDED TO: 1. SHRI MANOJ KUMAR PUGALIA, C/O V.N.PUROHIT & CO., CH ARTERED ACCOUNTANTS, DIAMON CHAMBERS, SUIT NO.4G, 4 TH FLOOR, 4, CHOWRINGHEE LANE, KOLKATA-700016. 2 I.T.O., WARD-35(4),KOLKATA. 3. THE C.I.T. 4. CIT(A)-XX, KOLKATA. 5. THE CIT(DR), KOLKATA BENCHES, KOLKATA -4 ,/ TRUE COPY, '3%0/ BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES