ZEELEN INFRASTRUCTURE PRIVATE LIMITED,AHMEDABAD V. THE INCOME TAX OFFICER, WARD-4(1)(4), AHMEDABAD

ITA 998/AHD/2023

AI Insights

The case involves Zeelen Infrastructure Pvt. Ltd., the appellant, contesting the decisions made by the Income Tax Officer and upheld by the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre, which disallowed a loss from F&O transactions amounting to Rs. 9,40,61,513 and added a commission income of Rs. 4,35,128 for the Assessment Year 2013-14. The appellant argued that their submissions and evidence were not adequately considered, leading to the dismissal of their appeal. The Tribunal noted the repeated failures of the assessee to provide necessary details and supporting evidence during the assessment proceedings but decided to give another opportunity for a fair hearing.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 779313 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 10 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-10-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2013-2014
• Appeal Filed On: 05-12-2023
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RIGNESH DAS
• Assessee Lawyers: M. K. PATEL
• Keywords: Set aside; Opportunity of being heard; Corroborative evidences; Transactions in derivatives

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE DR. B.R.R. KUMAR, VICE-PRESIDENT Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A. No.998/Ahd/2023 (Assessment Year: 2013-14) Zeelen Infrastructure Pvt. Ltd., 42, Nehrupark Society, Bhairavnath Char Rasta, Maninagar, Ahmedabad-380008. [PAN : AAACZ5348M] Vs. Income Tax Officer, Ward-4(1)(4), Ahmedabad (Appellant) .. (Respondent) Appellant by : Shri M. K. Patel, AR Respondent by: Shri Rignesh Das, CIT DR Date of Hearing 08.10.2025 Date of Pronouncement 13.10.2025 O R D E R PER DR. B.R.R. KUMAR, VICE-PRESIDENT:- Delay Condoned The captioned appeal has been filed by the assessee against the order passed by the Ld. Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre, Delhi, vide order dated 08.08.2023 relevant to the Assessment Year 2013-14. 2. The assessee has raised the following grounds of appeal: 1. That on facts, and in law, the learned NFAC has grievously erred in confirming the disallowed loss of F & O transaction of Rs. 9,40,61,513/- in respect of claim of made in the return of income. Printed from counselvise.com ITA No. 998/Ahd/2023 Asst. Year : 2013-14 - 2– 2. That on facts, and in law, the learned NFAC has grievously erred in confirming the addition of Rs. 4,35,128/- being commission income. 3. That on facts, and in law, the learned NFAC and AO has grievously erred in not at all considering the submissions and evidences filed, and dismissed the appeal. 4. The appellant craves liberty to add, alter, and amend any ground of appeal. 3. On perusal of the record, it is observed that notices under section 250 of the Income Tax Act, 1961 were issued on 10.06.2019, 24.07.2019, 19.11.2019, 06.02.2020, 12.01.2021, 02.11.2022, 28.04.2023, 15.06.2023 and 15.11.2023 calling upon the assessee to furnish necessary details, clarifications, and explanations to substantiate the claim of loss from F&O transactions. However, despite issuance of several opportunities by the Ld. CIT(A), the assessee responded only on 15.11.2022. The Ld. CIT(A), after examining the submission filed, upheld the action of the Assessing Officer and dismissed the appeal. It is further noted that the assessee had also failed to furnish requisite details and supporting evidences before the Assessing Officer during the assessment proceedings. Before us, the Learned Counsel for the assessee submitted that the assessee could not properly represent its case earlier due to certain difficulties and pleaded that, given an opportunity, due compliance will be and all relevant details, clarifications, and evidences would be duly submitted before the Revenue authorities. Considering the overall facts and in the interest of justice, we deem it appropriate to set aside the order of the Ld. CIT(A) and restore the matter to the file of the Assessing Officer for de novo adjudication, after affording an opportunity of being heard to the assessee. The assessee is directed to furnish all relevant Printed from counselvise.com ITA No. 998/Ahd/2023 Asst. Year : 2013-14 - 3– bank statements, submissions, documents, and evidences before the Assessing Officer and to ensure due compliance with the notices issued, without seeking any unnecessary adjournments 4. In the result, the appeal of the assessee is allowed for statistical purposes. The order is pronounced in the open Court on 13.10.2025. Sd/- Sd/- (SUCHITRA KAMBLE) (DR. B.R.R. KUMAR) JUDICIAL MEMBER VICE-PRESIDENT (True Copy) Ahmedabad; Dated 13.10.2025 MV आदेश की Ůितिलिप अŤेिषत/Copy of the Order forwarded to : 1. अपीलाथŎ / The Appellant 2. ŮȑथŎ / The Respondent. 3. संबंिधत आयकर आयुƅ / Concerned CIT 4. आयकर आयुƅ(अपील) / The CIT(A)- 5. िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाडŊ फाईल / Guard file. आदेशानुसार/ BY ORDER, True Copy सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपीलीय अिधकरण, अहमदाबाद / ITAT, Ahmedabad Printed from counselvise.com "