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TMI Blog2024 (6) TMI 1191X X X X Extracts X X X X X X X X Extracts X X X X ..... e by examining, verifying and analyzing the material on record. Since there are no meritorious finding given by the Ld. CIT (A) on the submissions made by the assessee and also considering the grounds raised by the assessee where the Ld. CIT (A) has passed an ex parte order without giving opportunity of being heard, we find it fit to remit the matter back to the file of the Ld. CIT (A) for his objective and meritorious observations and findings on the submissions made by the assessee. Needless to say the assessee be given reasonable opportunity of being heard and the assessee shall also be cooperating for the effective disposal of the appeal and will be at liberty to make further submissions as deem fit. Appeal of assessee is allowed for st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d ignoring the fact that the assessee is a company which cannot have any personal expenses. 6. For that the Ld. CIT (A) erred in disallowing Rs. 11,84,919/- being loss, from F O without assigning any reason in spite of the fact that the assessee adduced sufficient evidences in support of the same and no defects were found therein. 7. For that the Ld. CIT)A) erred in confirming the action of Ld. AO in disallowing the Security transaction tax of Rs. 1,09,586/- whereas STT is paid on Turnover and credited to the account of Government of India. 8. For that the Ld. CIT (A) erred in confirming the action of Ld. AO in disallowing Rs. 2,00,28,541/- being loss from derivatives merely relying in the report of DIT, Kolkata in respect of bogus LTCG/STC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of shares, claim of loss on F O transactions and claim relating to travel and conveyance expenses. Ld. AO noted that owing to non-compliance by the assessee on the queries so raised, made the addition in respect of claim of derivative loss, loss of F O, securities transaction and travelling and conveyance expenses to complete the assessment. Aggrieved, assessee went in appeal before the Ld. CIT (A) who dismissed the same by observing that assessee has not filed any submissions or information or documents on various opportunities given in the course of hearing. According to him, since no written submission/information/documents were filed by the assessee, the appeal was decided on the basis of material available on record and was thus, dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT (A). The section is reproduced as under: Powers of the Commissioner (Appeals) 251. (1) In disposing off an appeal, the Commissioner (Appeals), shall have the following powers: (a) in an appeal against an order of assessment, he may confirm, reduce, enhance or annul the assessment; or (aa) in an appeal against the order of assessment in respect of which the proceeding before the Settlement Commission abates under section 245HA, he may, after taking into consideration all the material and other information produced by the assessee before, or the results of the inquiry held or evidence recorded by, the Settlement Commission, in the course of the proceeding before it and such other material as may be brought on his record, confirm, reduce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d place for the hearing of the appeal, and shall give notice of the same to the appellant and to the 9 Assessing] Officer against whose order the appeal is preferred. (2) The following shall have the right to be heard at the hearing of the appeal- (a) the appellant, either in person or by an authorised representative; (b) the 10 Assessing] Officer, either- in person or by a representative. (3) The 1 Deputy Commissioner (Appeals)] 2 or, as the case may be, the Commissioner (Appeals)] shall have the power to adjourn the hearing of the appeal from time to time. (4) The 3 Deputy Commissioner (Appeals)] 4 or, as the case may be, the Commissioner (Appeals)] may, before disposing of any appeal, make such further inquiry as he thinks fit, or may di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apply the law on the given set of facts and circumstances and arrive at findings. 9. Keeping in mind the provision of sections 250 and 251 of the Act referred as above, it is incumbent upon the Ld. CIT (A) to pass a speaking order on the merits of the case by examining, verifying and analyzing the material on record. Since there are no meritorious finding given by the Ld. CIT (A) on the submissions made by the assessee and also considering the grounds raised by the assessee where the Ld. CIT (A) has passed an ex parte order without giving opportunity of being heard, we find it fit to remit the matter back to the file of the Ld. CIT (A) for his objective and meritorious observations and findings on the submissions made by the assessee. Needl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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