TaxTMI 
TaxTMI 
2022 (3) TMI 877
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....njustified. 3. That the Ld. Commissioner of Income Tax (Appeals) has erred in law in rejecting the additional evidence which goes to the root of the matter only on the basis of the observations of Assessing Officer in Para 5.4 of his order which is arbitrary and unjustified. 4. That the Ld. Commissioner of Income Tax (Appeals) has further erred in upholding the addition of Rs. 2,56,70,000/- in utter disregard of the explanation and evidence placed on record only on the basis of remand report which was never confronted to the assessee and as such the order passed is arbitrary and unjustified. 5. That the Ld. Commissioner of Income Tax (Appeals) has further erred in upholding the addition of Rs. 1,43,707/- as interest income which in fact was short term Capital gains in utter disregard of the explanation and evidence placed on record only on the basis of remand report and as such the addition upheld without application of mind is arbitrary and unjustified. 6. That the Ld. Commissioner of Income Tax (Appeals) has erred in observing that the assessee appellant had failed to substantiate the claim before the Assessing officer when in fact no notice wa....
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...., Jodhewal, Ludhiana was not correct. Moreover the assessee has also moved from its overseas address i.e. 89, Salcombe Gardens, Lowfell Gateshed, United Kingdom and the notices did not reach the assesse. In the above overseas address the assessee elderly ailing father live and the assessee was not aware of the notices received. The assessee when went to meet his ailing father in December 2018 the assessee came to knew about the case but the order u/s. 144 r.w.s. 147 was framed till then. Since the assessee has neither received notice u/s. 142(1) nor the show cause notices issued by the Ld. Assessing Officer. The Ld. Assessing Officer did not appreciate the facts that the assessee was nonresident and the assessee was living abroad and while the assessee could collect the information called by the Ld. Assessing Officer and appoint any authorized representative to represent his case the Ld. Assessing Officer passed order u/s. 144 r.w.s., 147 of the Income Tax Act 1961. Hence the total investment made by the assessee in mutual funds during the Assessment Year 2011-12 amounted to Rs. 2,69,30,000/- while the total redemption from mutual funds during the year amounted to Rs. 2,68....
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....t to Financial Year 2010-11. The copy of interest certificate from HSBC Bank depicting the same is also enclosed here with for your ready reference. Although the assessee has earned short term capital gain amounting to Rs. 1,43,707/- during the Assessment Year 2011-12. The assessee gross total income during the year under consideration i.e. Assessment Year 2011,-12 amounted to Rs. 1,49,646/- i.e. (Income from Short Term Capital Gain amounting to Rs. 1,43,707/- & Income from Saving Bank Account Interest amounting to Rs. 5,939/-). Since the assessee gross total income during the Assessment Year 2011-12 was below the threshold exemption limit the assessee did not file his return of income for the said period. Therefore, the Ld. Assessing officer has erred in making the above mentioned addition. As the assessing officer has erred in making above addition hence, the same may kindly be deleted. 5.1. The Ld. CIT(A) after considering the submissions of the assessee observed that he assessee had furnished copy of Bank Statement, Bank Interest Certificate and the Capital Gain Statement which were forwarded to the A.O. for the comment on its admissibility and as well as on its mer....
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....ns of both the parties and perused the material available on the record. In the present case it is not in dispute that the A.O. framed the assessment ex parte under section 144 of the Act and the assessee furnished the written submissions alongwith additional evidence before the Ld. CIT(A) who had discussed the submissions of the assessee in para 4 of the impugned order. However the Ld. CIT(A) acted upon the remand report dt. 23/12/2020 received from the A.O. but no opportunity was given to the assessee to comment upon the said report. It is also noticed that the Ld. CIT(A) neither rejected nor accepted the additional evidences furnished by the assessee first time before him. We therefore considering the totality of the facts deem it appropriate to set aside the impugned order and remand the issue back to the file of the Ld. CIT(A) to be adjudicated afresh in accordance with law after providing due and reasonable opportunity of being heard to the assessee. 10. In the result, appeal of the Assessee is allowed for statistical purposes. ( Order pronounced in the open Court on 01/03/2022 ) ============= Document 1 S. No. Name of Mutual Fund Amount of Date Investment In....