2023 (1) TMI 702

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....03.2015. 2. Grounds raised by the assessee are reproduced as under: "1. That the Ld. Commissioner of Income Tax (Appeals) has erred in law as well as on the facts of the case in confirming the addition of sale consideration of Rs 2,00,00,000/- from the sale of shares u/s 68 of the IT Act by the Ld. Assessing Officer, based upon suspicions and surmises, without bringing on record any conclusive evidence against the assessee. 2. That the Ld. Commissioner of Income Tax (Appeals) did not even appreciate the fact that the assessee has presented all the documentary evidence to prove the genuineness of the transaction to the Ld. Assessing Officer. 3. That the appellant-assessee craves leave to add to and or alter and or modify any ground ....

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....rial on record and statement of facts filed in the appeal. However, it is noted that there are no such meritorious finding on the facts of the case. Ld. CIT(A) referred to several decisions in respect of addition made u/s. 68 of the Act to sustain the addition who dismissed the appeal. Aggrieved, assessee is in appeal before the Tribunal. 4. Before us, Shri A. K. Tibrewal, FCA represented the assessee and Smt. Ranu Biswas, Addl. CIT, DR represented the department. 5. Ld. Counsel for the assessee submitted a petition under Rule 29 of the Income Tax Appellate Tribunal Rules, 1963 (hereinafter referred to as the "ITAT Rules") for admission of additional evidence in the appeal filed by it along with a paper book containing 140 pages. Ld. Coun....

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....ore the authorities below. We also note that Ld. CIT(A) has dismissed the appeal on account of non-attendance of the assessee without stating the points on facts and merits of the case. This action of Ld. CIT(A) cannot be countenanced. Assessee should be given proper opportunity to produce the documents and explanation in respect of the queries raised by the authorities below. From the perusal of Rule 29 of ITAT rules, we note that the said Rule provides, inter alia, "if the Income Tax Authorities have decided the case without giving sufficient opportunity to the assessee to adduce evidence either on points specified by them or not specified by them, the Tribunal, for reasons to be recorded, may allow such documents to be produced and may a....

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....of Ld. CIT(A) to pass a speaking order on merits of the case by examining, verifying and analyzing the material placed on record. Needless to say that assessee be given reasonable opportunity of being heard, who shall be at liberty to make further submissions as deem fit. We further direct that in view of the undertaking given by the assessee of assuring to appear before the authorities below and extending full cooperation in all the proceedings for the impugned assessment year, Ld. CIT(A) shall be at liberty to deal with the matter appropriately in case assessee fails to abide by the undertaking given by it. 9.1. Since the matter is restored to the file of Ld. CIT(A) for meritorious adjudication by passing a speaking order in terms of our....