Case Number: ITA 1451/DEL/2019
Appellant: Crescore Stock Broking (P) Ltd., New Delhi
Respondent: ITO, Ward-6(4), New Delhi
Assessment Year: 2015-16
Case Filed On: February 21, 2019
Order Type: Final Tribunal Order
Date of Order: February 19, 2020
Pronounced On: February 19, 2020
The appeal was filed by Crescore Stock Broking (P) Ltd. against the order dated December 24, 2018, passed by the Commissioner of Income Tax (Appeals)-2, New Delhi, for the assessment year 2015-16. The case revolves around a tax arrears dispute, specifically concerning the treatment of losses as speculative losses by the Assessing Officer (AO).
The appellant, Crescore Stock Broking (P) Ltd., located at 403, 4th floor, 19 Kirtimahal Building, Rajendra Place, New Delhi – 110008, with PAN: AADCC4041C, was represented by Shri Somil Aggarwal, Advocate. The appellant argued that the CIT(A) passed the ex-parte order without providing adequate opportunity of being heard and without observing the principles of natural justice.
The respondent, represented by Shri Pradeep Singh Gautam, Sr. DR, relied upon the impugned order and contended that the CIT(A) acted correctly based on the evidence available.
The case was heard by Shri H.S. Sidhu, Judicial Member, of the Income Tax Appellate Tribunal, Delhi ‘SMC’ Bench. The Tribunal noted that the CIT(A) had not provided sufficient opportunity to the assessee, which was against the principles of natural justice. The Tribunal emphasized that the issues in dispute should be set aside to the CIT(A) to decide afresh after giving adequate opportunity of being heard to the assessee.
The Tribunal set aside the issues in dispute to the CIT(A) with a direction to pass a speaking order in accordance with the law, ensuring the assessee is given a reasonable opportunity of being heard. The Tribunal also directed the assessee through his counsel to appear before the CIT(A) on April 29, 2020, at 10:00 am for the hearing, and stated that there was no need for the CIT(A) to issue a notice to the assessee as the order was pronounced in the open court.
In the result, the appeal filed by Crescore Stock Broking (P) Ltd. was allowed for statistical purposes. The order was pronounced in the open court on February 19, 2020.
Signatories:
(H.S. SIDHU) JUDICIAL MEMBER
Date: 19th February, 2020
Assistant Registrar: SRB
Copy of the Order is forwarded to:
BY ORDER
Assistant Registrar, ITAT, New Delhi
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