2021 (6) TMI 1198

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..... For the Revenue : Shri Rohit Mujumdar. ORDER PER L.P. SAHU, A.M.: This appeal filed by the assessee is directed against CIT (A) - 10, Hyderabad's order dated 29/09/2017 for AY 2009-10 involving proceedings u/s 163(1)(c) of the Income Tax Act, 1961 ; in short "the Act". 2. Coming to the sole issue of capital gains assessment to the extent of Rs. 29,86,600/- (twin instances), b....

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....ce dt. 15.03.2016 proposing to treat the assessee as an agent of Smt. C. Anitha requesting to file their objections, if any. As there was no response from the assessee, the Assessing Officer treated the assessee as an agent of the non-resident. 3. Aggrieved by the order of AO, the assessee preferred an appeal before the CIT(A), who confirmed the order of AO. 4. Aggrieved by the order of CIT(....

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.... that the lower authorities have not given proper opportunity to the assessee to represent its case that it is not agent of Smt. C. Anita Chalasani, a non-resident nor a GPA holder to her. 7.1 We notice at the outset that neither of the lower authorities have taken recourse to section 163(2) while assessing the appellant herein as the agent of the nonresident. Section 163(2) reads as under: ....

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....s section in respect of such transactions, if the following conditions are fulfilled, namely:- (i) the transactions are carried on in the ordinary course of business through the first-mentioned broker; and (ii) the non-resident broker is carrying on such transactions in the ordinary course of his business and not as a principal. Explanation.-For the purposes of this sub-....