Tribunal grants appeal, remits case for detailed review, emphasizing fair hearing and natural justice.

The Tribunal allowed the appeal for statistical purposes, setting aside the order and remitting the case back to the Ld. CIT(A) for a detailed, speaking order on the merits. The decision emphasized providing the assessee with a fair opportunity to be heard, ensuring principles of natural justice were upheld in the adjudication process.

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Issues:
Appeal against order of Ld. CIT(A) confirming addition of sale consideration of Rs 2,00,00,000 from sale of shares u/s 68 of IT Act without conclusive evidence. Non-attendance of assessee leading to ex parte assessment u/s 144 of the Act. Appeal dismissed by Ld. CIT(A) due to non-attendance. Request for admission of additional evidence under Rule 29 of ITAT Rules. Assessment completed ex parte. Proper opportunity not given to assessee. Remittal of matter back to Ld. CIT(A) for a speaking order on merits.

Detailed Analysis:

1. Issue 1 - Addition of Sale Consideration: The appeal challenges the addition of Rs 2,00,00,000 from the sale of shares under section 68 of the Income Tax Act without conclusive evidence. The Ld. CIT(A) confirmed the addition based on suspicions and surmises without substantial proof against the assessee.

2. Issue 2 - Ex Parte Assessment: The assessment was completed ex parte under section 144 of the Act as the assessee failed to comply with notices and did not appear to explain its case. The non-attendance of the assessee led to adverse conclusions against them.

3. Issue 3 - Dismissal by Ld. CIT(A): The Ld. CIT(A) dismissed the appeal due to the non-attendance of the assessee, indicating a lack of interest in pursuing the case. Despite perusing the material on record, the Ld. CIT(A) found no meritorious evidence to support the assessee's claims.

4. Issue 4 - Request for Additional Evidence: The assessee sought admission of additional evidence under Rule 29 of the ITAT Rules, contending that proper time was not allowed during the first appeal to present crucial documents supporting the genuineness of the transaction.

5. Issue 5 - Remittal of Matter: The Tribunal observed lapses in the proceedings and the non-speaking order of the Ld. CIT(A). Citing relevant legal provisions and precedents, the matter was remitted back to the Ld. CIT(A) for a detailed, speaking order on the merits of the case, emphasizing the importance of providing the assessee with a fair opportunity to present their case.

6. Conclusion: The Tribunal allowed the appeal for statistical purposes, setting aside the impugned order and directing the Ld. CIT(A) to re-examine the case after affording the assessee a reasonable opportunity to be heard. The decision aimed to uphold principles of natural justice and ensure a fair adjudication process.

This comprehensive analysis of the legal judgment highlights the key issues, procedural irregularities, and the Tribunal's decision to remit the matter back for a fair and thorough assessment based on the principles of justice and legal provisions.

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