PUNE E COMMODITES BROKING PRIVATE LIMITED,PUNE V. WARD 4(5), PUNE, PUNE

ITA 2071/PUN/2025

AI Insights

The case involves Pune E Commodities Broking Private Limited, which appealed against the orders of the CIT(A)/NFAC for the assessment years 2013-14 and 2014-15. The appeals were directed against the reassessment orders which significantly increased the declared income of the assessee based on information from the Investigation Wing, Mumbai. The assessee's appeals were initially dismissed due to non-appearance, attributed to the illness and subsequent death of their accountant. The Tribunal, considering these circumstances and the interest of justice, decided to remand the case back to the CIT(A)/NFAC for a fresh assessment.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 783032 (ITAT-PUNE)
• Duration Of Justice: 1 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-10-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 02-09-2025
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VINOD PAWAR
• Keywords: Condonation of delay
• Section: 147; 148; 144; 142(1)

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI MANISH BORAD, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER ITA Nos.2070 & 2071/PUN/2025 Assessment Years : 2013-14 & 2014-15 Pune E Commodities Broking Private Limited, 1198, Shukrawar Peth, Subhash Nagar, Lane No.3, Pune- 411002. PAN : AAECP4582B Vs. ITO, National Faceless Assessment Centre, Delhi. Appellant Respondent आदेश / ORDER PER VINAY BHAMORE, JM: Both above captioned appeals filed by the assessee are directed against the separate orders dated 27.02.2025 passed by Ld. CIT(A)/NFAC for the assessment years 2013-14 and 2014-15 respectively. 2. Since the identical facts and common issues are involved in both the above captioned appeals as per respective grounds of appeal emanate from records, we proceed to dispose of the same by this common order. Assessee by : None Revenue by : Shri Vinod Pawar Date of hearing : 27.10.2025 Date of pronouncement : 31.10.2025 Printed from counselvise.com ITA Nos.2070 & 2071/PUN/2025 2 3. There is delay in filing of both the appeals. We are satisfied with the reasons mentioned in the application for condonation of delay duly supported by an affidavit that the applicant was prevented by sufficient cause for not filing the appeals within the prescribed time limit. After hearing Ld. DR, we condone the delay and proceed to adjudicate both the appeals. ITA No.2070/PUN/2025, A.Y 2013-14 : 4. Facts of the case, in brief, are that the assessee is a Private Limited Company engaged in the business activities as a Broker & is a member of Multi Commodity Exchange MCX, National Commodity and Derivatives Exchange Ltd. (NCDEX) and also registered with National Spot Exchange Ltd. (NSEL) & has furnished its return of income on 26.09.2013 for the period under consideration by declaring an income of Rs.24,08,192/-. On the basis of information received from Investigation Wing, Mumbai the case of the assessee was reopened u/s 147 after obtaining prior approval of the appropriate authority. Statutory notices u/s 148 and subsequently u/s 142(1) was issued to the assessee. In the absence of any correct and supporting details furnished by the assessee, the Assessing Officer completed the assessment u/s 147 r.w.s. 144 Printed from counselvise.com ITA Nos.2070 & 2071/PUN/2025 3 r.w.s. 144B of the Act & determined total income at Rs.1,75,61,138/- as against the income returned by the assessee at Rs.24,08,192/-. 5. Being aggrieved with the above action of the Assessing Officer, the assessee preferred an appeal before Ld. CIT(A)/NFAC. Since the assessee remained absent, Ld. CIT(A)/NFAC dismissed the appeal filed by the assessee. 6. It is the above order against which the assessee is in appeal before this Tribunal. 7. When the appeal was called for hearing, neither anybody appeared from the side of the assessee nor any application for adjournment was furnished despite due service of notice of hearing. Therefore, we proceed to decide the appeal on the basis of material available on record and after hearing Ld. DR. 8. We have heard Ld. DR and perused statement of facts and grounds of appeal and also perused the material available on record. In this regard, we find that the assessee failed to appear before Ld. CIT(A)/NFAC and therefore, Ld. CIT(A)/NFAC dismissed the appeal filed by the assessee. In this regard, from perusal of statements of facts & grounds of appeal, we find that earlier CA Rajendra Shah was looking after the income tax matters of the Printed from counselvise.com ITA Nos.2070 & 2071/PUN/2025 4 assessee and due to prolonged illness he could not appear before Ld. CIT(A)/NFAC and ultimately he expired on 15.03.2025. Considering the totality of the facts of the case, & in the interest of justice and without going into the merits of the case as well as with the consent of Ld. DR, we set-aside the order passed by Ld. CIT(A)/NFAC and remand the matter back to him with a direction to decide the appeal afresh on merits of the case as per fact and law after providing reasonable opportunity of hearing to the assessee. The assessee is also hereby directed to respond to the notices issued by Ld. CIT(A)/NFAC in this regard and to produce relevant documents/evidences/submission, if any, to substantiate the grounds of appeal without taking any adjournment under any pretext, otherwise Ld. CIT(A)/NFAC shall be at liberty to pass appropriate order as per law. 9. In the result, the appeal filed by the assessee in ITA No.2070/PUN/2025 for A.Y. 2013-14 is allowed for statistical purposes. ITA No.2071/PUN/2025, A.Y. 2014-15 : 10. Since the facts and issues involved in the appeal of the assessee for the assessment year 2013-14 are identical to the facts of Printed from counselvise.com ITA Nos.2070 & 2071/PUN/2025 5 the case for assessment year 2014-15, therefore, our decision in ITA No.2070/PUN/2025 for A.Y. 2013-14 shall apply mutatis mutandis to the appeal of the assessee in ITA No.2071/PUN/2025 for A.Y. 2014-15. Accordingly, the appeal of the assessee in ITA No.2071/PUN/2025 for A.Y. 2014-15 is also allowed for statistical purposes. 11. To sum up, both the above captioned appeals filed by the assessee are allowed for statistical purposes. Order pronounced on this 31st day of October, 2025. Sd/- Sd/- (MANISH BORAD) (VINAY BHAMORE) ACCOUNTANT MEMBER JUDICIAL MEMBER पुणे / Pune; ᳰदनांक / Dated : 31st October, 2025. Sujeet आदेश कᳱ ᮧितिलिप अᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The Pr.CIT concerned. 4. िवभागीय ᮧितिनिध, आयकर अपीलीय अिधकरण, “B” बᱶच, पुणे / DR, ITAT, “B” Bench, Pune. 5. गाडᭅ फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune. Printed from counselvise.com "