Bob Capital Markets Ltd, Mumbai vs Assessee

2 ITA No.6910/M/2012 "1. On the facts and circumstances of the case and in law, the ld. CIT(A) erred in confirming the ld. AO's action in assessing the interest income under the head "Income from other Source.

2. On the facts and circumstances of the case and in law, the ld. CIT(A) erred in confirming the ld. AO's erred in not giving the credit of the addition of Rs.5,00,000/- on account of "Advance membership Fees" made in the assessment year 2008-09 even though the same has been reversed in the current year, resulting in taxing the same twice.

3. On the facts and circumstances of the case and in law, the ld. CIT(A) erred and confirmed the ld. AO is not giving the MAT credit u/s. 115JB, while calculating the tax payable."

2. At the outset the ld. AR has stated that the order of the CIT(A) is an exparte order. He has further submitted that the assessee company after receipt of notice from the CIT(A) about date of hearing of the appeal before him has instructed its C.A. to appear and pursue the matter before the CIT(A). The said CA had also appeared before the AO on behalf of the assessee company, but the said C.A. did not appear before the CIT(A) on the date of hearing, hence, the ld. CIT(A) decided the matter exparte. The ld. AR has further submitted that the assessee company was under

bonafide belief that the C.A. would appear and contest the matter before the CIT(A). The non appearance of the assessee company before the CIT(A) was due to lapse on the part of the concerned C.A. and the same was not deliberate or intentional on the part of the assessee. The assessee in this respect has relied upon the affidavit of the Managing Director of the assessee company namely, Shri T.R. Prashanth Kumar.

3 ITA No.6910/M/2012 2.1 The ld. DR has supported the impugned order. After considering the submissions made on behalf of the assessee, we are of the view that the interest of justice will be well served if the assessee is given an opportunity to represent its case and the matter be decided by the ld. CIT(A) on merits. We, accordingly set aside the impugned order of the ld. CIT(A) to decide afresh, after giving an opportunity of hearing to the assessee.

3. In the result, appeal of the assessee is allowed for statistical purposes.

Order pronounced in the open court on 12/01/2015. आदे श कȧ धोषणा खुले Ûयायालय मɅ Ǒदनांकः को कȧ गई ।

Sd/- Sd/- (B.R. BASKARAN) (SANJAY GARG ) लेखा सदःय / ACCOUNTANT MEMBER Ûयाियक सदःय/JUDICIAL MEMBER मुंबई Mumbai; Ǒदनांक Dated 12 /01/2015 व.िन.स./ Jv , Sr. PS आदे श कȧ ूितिलǒप अमेǒषत/Copy षत of the Order forwarded to : 1. अपीलाथȸ / The Appellant 2. ू×यथȸ / The Respondent. 3. आयकर आयुƠ(अपील) / The CIT(A)- 4. आयकर आयुƠ / CIT

5. ǒवभागीय ूितिनिध, आयकर अपीलीय अिधकरण, मुंबई / DR, ITAT, Mumbai

6. गाड[ फाईल / Guard file.

आदे शानुसार/ ार BY ORDER, स×याǒपत ूित //True Copy// उप/सहायक उप सहायक पंजीकार (Dy./Asstt. Registrar) आयकर आयकर अपीलीय अिधकरण, अिधकरण मुबं ई / ITAT, Mumbai.