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TMI Blog2024 (10) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... d proper to set aside the impugned order and restore the matter to the file of the CIT(A) for de novo adjudication of the appeal on merits. We further direct that no order shall be passed without affording reasonable opportunity of hearing to the parties. Assessee is directed to appear before the learned CIT(A) on all the hearing dates as may be fixed without any default. As the matter is being restored to the file of the CIT(A) for adjudication on merits, the other grievances raised by the assessee in the present appeal do not call for adjudication at this stage. Grounds raised by the assessee are allowed for statistical purposes. - Shri Amarjit Singh, Accountant Member And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly utilized for Business. Hence the said Interest paid is deductible u/s 36(1)(iii) of the income Tax act, 1961 against interest income earned from partnership firms. 2. Without prejudice to Ground No. 1, the Appellant submits that the said Interest otherwise is to be allowed as a deduction from Short Term capital gain earned from sale of 2 securities out of investment in 3 Securities. 3. Without Prejudice to Ground No. 1 and 2, the transaction of Investment in IPO through funding is made with intention to earn profit in short term and the same is in the nature of Business, hence the Income earned from those particular transactions are to be treated as Business Income. Consequently Interest paid to Financial Institution is to be allowed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee on merits, as required under section 250(6) of the Act.We find that in CIT v/s Premkumar Arjundas Luthra (HUF), reported in [2016] 69 taxmann.com 407 (Bombay), the Hon ble Jurisdictional High Court held that Commissioner (Appeals) cannot dismiss the appeal on account of non-prosecution of appeal by the assessee. Consequently, we deem it fit and proper to set aside the impugned order and restore the matter to the file of the learned CIT(A) for de novo adjudication of the appeal on merits. We further direct that no order shall be passed without affording reasonable opportunity of hearing to the parties. The assessee is directed to appear before the learned CIT(A) on all the hearing dates as may be fixed without any default. As ..... X X X X Extracts X X X X X X X X Extracts X X X X
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