Cheekotl Venture Fund P. Ltd., New Delhi V. ITO Ward-5(1), New Delhi

ITA 662/DEL/2023

AI Insights

The case involves Cheekotl Venture Fund P. Ltd., the appellant, contesting the decision of the National Faceless Appeal Centre (NFAC), Delhi, which confirmed the Income Tax Officer's (ITO) action in disallowing a loss of Rs. 53,62,544 incurred by the assessee due to writing off a current investment. The primary contention was the erroneous confirmation of the ITO's decision by the NFAC, which led to the filing of the appeal. The Income Tax Appellate Tribunal (ITAT) found that the CIT(A) had summarily confirmed the ITO's order ex-parte due to the absence of the assessee's representation and decided to remand the case back to the CIT(A) for a detailed examination and a reasoned order.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 116073 (ITAT-DELHI)
• Duration Of Justice: 5 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-08-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 28-08-2023
• Assessment Year: 2017-2018
• Appeal Filed On: 12-03-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIVEK KR. UPADHYAY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Ms. Astha Chandra, Judicial Member ITA No. 662/Del/2023 : Asstt. Year : 2017-18 Cheekotl Venture Fund P. Ltd., 202, Nilgiri Apartment Barakhamba Road, New Delhi-110009 Vs. Income Tax Officer, Ward-5(1), New Delhi-110002 (APPELLANT) (RESPONDENT) PAN No. AACCC1927B Assessee by : Sh. V. Rajakumar, Adv. Revenue by : Sh. Vivek Kr. Upadhyay, Sr. DR Date of Hearing: 29.08.2023 Date of Pronouncement: 31.08.2023 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. 2. 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/-.” 3. 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 ITA No. 662/Del/2023 Cheekotl Ventrue Fund Pvt. Ltd. 2 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. 4. In the result, the appeal of the assessee is allowed for statistical purposes. Order Pronounced in the Open Court on 31/08/2023. Sd/- Sd/- (Astha Chandra) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 31/08/2023 *Subodh Kumar, Sr. PS* Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR