2022 (9) TMI 452

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....order dated 30.04.2019 of learned Commissioner of Income Tax (Appeals)-1, New Delhi, for the assessment year 2014-15. 2. When the appeal was called for hearing, none appeared on behalf of the assessee. Perusal of record reveals that, though, on multiple occasions the appeal was fixed for hearing earlier but, assessee never appeared. Since, sufficient opportunities have been granted to the asses....

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....e returned by the assessee. Post completion of assessment, the Assessing Officer issued a show-cause notice to the assessee seeking to rectify the assessment order by exercising power conferred under section 154 of the Act. In the show-cause notice, the Assessing Officer observed that interest on income tax amounting to Rs.7,172/- was inadvertently allowed, though, it is not an eligible business e....

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....0/- before learned Commissioner (Appeals), however, the addition was sustained. 5. I have heard learned Departmental Representative and perused the materials on record. Undisputedly, the loss from sale of shares was debited to profit and loss account as trading loss. While completing the assessment under section 143(3) of the Act, the Assessing Officer obviously has accepted the claim. The Asse....