9911796707
TMI Blog2021 (6) TMI 846X X X X Extracts X X X X X X X X Extracts X X X X ..... x parte order. As submission of the ld. Counsel for the assessee that given an opportunity the assessee is in a position to explain his case before the ld. CIT(A). We deem it proper to restore the issue back to the file of the CIT(A) with a direction to grant one final opportunity to the assessee to substantiate its case and decide the issue as per fact and law. The assessee is also hereby dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the AO determining the total income at ₹ 21,21,997/- as against the returned loss of ₹ 46,058/-. 3. Facts of the case, in brief, are that the assessee is a private limited company. Information in this case was received from the DDIT (Inv.), Unit II (Kolkata), that the assessee was a beneficiary to huge funds amounting to ₹ 45 lakhs from various sources. The case of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... back to some other entities during the year. However, the AO observed from the bank statement that the assessee had huge credits amounting to ₹ 21,68,05,597/- from various entities during the year. On perusal of movement of funds in assessee's account, he noted that peak volume of credit are immediately debited from the account keeping a nominal balance. After examining the details, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted fact that despite number of opportunities granted by the CIT(A), the assessee did not appear before him for which the ld. CIT(A) was constrained to pass the ex parte order. It is the submission of the ld. Counsel for the assessee that given an opportunity the assessee is in a position to explain his case before the ld. CIT(A). Considering the totality of the facts of the case and in the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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