UMBRELLA GOLD TRADING COMMODITIES PRIVATE LIMITED,PUNE V. ITO WARD 7(1), PUNE

ITA 2330/PUN/2025

AI Insights

The case involves Umbrella Gold Trading and Commodities Private Limited, which did not file a return of income for the assessment year 2017-18. The Assessing Officer, after noticing significant cash transactions and non-compliance with notices, completed the assessment ex-parte under sections 147, 144, and 144B of the Income Tax Act, 1961, adding a total income of Rs.2,46,52,007. The CIT(A) upheld this decision due to non-compliance with statutory notices. The Tribunal, considering the totality of facts and in the interest of justice, restored the matter to the Assessing Officer for a fresh assessment, providing the assessee a final opportunity to present its case.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 790456 (ITAT-PUNE)
• Duration Of Justice: 1 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2017-2018
• Appeal Filed On: 09-10-2025
• Other Referred Cases: CIT vs. B.N. Bhattachargee & Another (1979) 118 ITR 461 (SC)
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: INDIRA R. ADAKIL
• Assessee Lawyers: BHAVIK CHHEDA
• Keywords: Opportunity of being heard; Competent authority
• Section: 147; 148; 144; 142(1)

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA No.2330/PUN/2025 Assessment year : 2017-18 Umbrella Gold Trading and Commodities Private Limited Laxmi Puran, Phase II, S No.157/A2, Yerwada, Pune – 411006 Vs. ITO, Ward 7(1), Pune PAN: AABCU7553N (Appellant) (Respondent) Assessee by : Shri Bhavik Chheda Department by : Smt. Indira R. Adakil, Addl.CIT Date of hearing : 03-12-2025 Date of pronouncement : 04-12-2025 O R D E R PER R.K. PANDA, VP: This appeal filed by the assessee is directed against the order dated 20.08.2025 of the Ld. CIT(A) / NFAC, Delhi relating to assessment year 2017-18. 2. Although a number of grounds have been raised by the assessee, however, these all relate to the ex-parte order of the Ld. CIT(A) / NFAC in confirming the addition of Rs.2,46,52,007/- made by the Assessing Officer in the order passed u/s 147 r.w.s. 144 r.w.s. 144B of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). Printed from counselvise.com 2 ITA No.2330/PUN/2025 3. Facts of the case, in brief, are that the assessee is a private limited company and has not filed the return of income. Information was available on ITBA portal that the assessee has made the following transactions: 1. Cash deposit totaling to Rs.18853500/- in current accounts maintained with ICICI Bank Ltd during F.Y. 2016-17. 2. The assessee has made cash withdrawal amounting to Rs.56,30,000/- from bank account maintained with ICICI Bank. 3. Made remittance of Rs.1,68,507/- to a non-resident or to a foreign company. 4. Since the assessee failed to disclose income from such transactions in the tax return, therefore, the Assessing Officer issued a notice u/s 148A(b) of the Act with the prior approval of the specified authority. However, the assessee did not respond to the said notice. The Assessing Officer, therefore, passed an order u/s 148A(d) of the Act on 08.07.2022 after obtaining the approval u/s 151 of the Act from the competent authority. Thereafter, notice u/s 148 of the Act was issued and served on the assessee. However, there was no response from the side of the assessee. The Assessing Officer thereafter issued notices u/s 143(2) and 142(1) of the Act. Again, there was non-compliance to the said statutory notices. In view of the above, the Assessing Officer proceeded to complete the assessment u/s 144 of the Act and determined the total income of the assessee at Rs.2,46,52,007/- wherein he made addition of Rs.1,90,22,007/- u/s 69A of the Act and made disallowance of Rs.56,30,000/- u/s 37 of the Act. Printed from counselvise.com 3 ITA No.2330/PUN/2025 5. Since the assessee did not make any compliance to the various statutory notices issued by the office of the Ld. CIT(A) / NFAC, therefore, the Ld. CIT(A) / NFAC, following the decision of Hon’ble Supreme Court in the case of CIT vs. B.N. Bhattachargee & Another reported in (1979) 118 ITR 461 (SC) and various other decisions, dismissed the appeal filed by the assessee. 6. Aggrieved with such order of the Ld. CIT(A) / NFAC, the assessee is in appeal before the Tribunal. 7. The Ld. Counsel for the assessee at the outset submitted that the notice was issued by the Assessing Officer after obtaining the approval of the CIT instead of Pr.CCIT. Further the Ld. CIT(A) / NFAC has not discussed and adjudicated the individual additions and disallowances on merit by taking into account the facts available before him including the statements of facts. He submitted that since the Ld. CIT(A) / NFAC has not properly adjudicated the issue, therefore, the matter may be restored to the file of the Assessing Officer for fresh adjudication. 8. The Ld. DR on the other hand heavily relied on the orders of the Assessing Officer and the Ld. CIT(A) / NFAC. 9. We have heard the rival arguments made by both the sides, perused the orders of the Assessing Officer and the Ld. CIT(A) / NFAC and the paper book filed on behalf of the assessee. It is an admitted fact that due to non-compliance to the various statutory notices issued by the Assessing Officer, he completed the Printed from counselvise.com 4 ITA No.2330/PUN/2025 assessment u/s 147 r.w.s. 144 r.w.s. 144B of the Act. Since there was no compliance to the various statutory notices issued by the office of the Ld. CIT(A) / NFAC, he also dismissed the appeal filed by the assessee. It is the submission of the Ld. Counsel for the assessee that given an opportunity, the assessee is in a position to substantiate its case by filing the requisite details. Considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Assessing Officer with a direction to grant one final opportunity to the assessee to substantiate its case and decide the issue in accordance with law after providing due opportunity of being heard to the assessee. The assessee is also hereby directed to submit the requisite details before the Assessing Officer on the appointed date without seeking any adjournment under any pretext, failing which the Assessing Officer is at liberty to pass appropriate order as per law. We hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes. 10. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced in the open Court on 4th December, 2025. Sd/- Sd/- (ASTHA CHANDRA) (R. K. PANDA) JUDICIAL MEMBER VICE PRESIDENT पुणे Pune; दिन ांक Dated : 4th December, 2025 GCVSR Printed from counselvise.com 5 ITA No.2330/PUN/2025 आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: 1. अपील र्थी / The Appellant; 2. प्रत्यर्थी / The Respondent 3. 4. The concerned Pr.CIT, Pune DR, ITAT, ‘B’ Bench, Pune 5. ग र्ड फ ईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Assistant Registrar आयकर अपीलीय अदिकरण ,पुणे / ITAT, Pune S.No. Details Date Initials Designation 1 Draft dictated on 03.12.2025 Sr. PS/PS 2 Draft placed before author 03.12.2025 Sr. PS/PS 3 Draft proposed & placed before the Second Member JM/AM 4 Draft discussed/approved by Second Member AM/AM 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order Printed from counselvise.com "