TaxTMI 
TaxTMI 
2021 (6) TMI 924
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.... made by the AO u/s 68 and 69C of the IT Act, 1961. 3. Facts of the case, in brief, are that the assessee is an individual and filed his return of income on 30th January, 2016 declaring net taxable income at Rs. 87,16,680/-. During the year under consideration, the assessee has derived income from house property, salary income as director in different companies and income from other sources. The assessee is also a partner in M/s High Seas Trading Corporation. During the course of assessment proceedings, the AO noted that the assessee has claimed an exemption of Rs. 4,11,45,660/- u/s 10(38) of the IT Act on account of long-term capital gain by way of trading in the scrips of ICVL Chemicals Limited. From the various details furnished by the ....
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....y him, sustained the additions made by the AO. 5. Aggrieved with such order of the CIT(A), the assessee is in appeal before the Tribunal. 6. The ld. Counsel for the assessee drew the attention of the Bench to page 2 of the order of the CIT(A) and submitted that the case was last fixed for hearing before the CIT(A) on 22.11.2018. However, an adjournment application was filed on that day stating that the documents, paper book and written submissions are under compilation. Although the ld.CIT(A) had stated that fresh date of hearing shall be issued in due course, however, no fresh date was received and the ex parte order was passed on 26.11.2018. The ld.CIT(A) has not informed that the application for adjournment will be rejected, rather, he....
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....ice the assessee should be given an opportunity to substantiate his case. 8.1 A perusal of the sequence of events as mentioned by the ld.CIT(A) at page 2 of his order gives the following details:- S.No. Dt. of Notice Dt. of hearing Remark 1. 02.07.2018 17.07.2018 No Compliance 2. 01.08.2018 20.08.2018 A letter for adjournment was filed by the Appellant alongwith power of attorney and the case was adjourned to 06.09.2018 3. 06.09.2018 Another letter for adjournment was filed by the Appellant and the case was adjourned to 24.09.2018 4. 24.09.2018 No Compliance 5. 23.10.2018 22.11.2018 A letter for adjournment was filed by the Appellant on Dak Counter. 9. From the above, it can be seen that although lett....