De novo adjudication ordered as CIT(A) passed ex-parte order due to non-appearance

Paritosh Rungta Vs ITO (ITAT Mumbai) ITAT Mumbai held that CIT(A) has passed the order ex-parte due to the non-appearance of/on behalf of the assessee. Accordingly, de novo adjudication ordered as CIT(A) didn’t rendered any finding on merits. Facts- The assessee, an individual, has credited commission income of Rs. 1,79,89,972, and debited other expenses including loss from derivatives (F & O) of Rs.1,21,06,336, to the profit and loss account. Further, interest income of Rs.5,70,917, was shown as income from other sources. Accordingly, vide assessment order dated 23/12/2016, passed u/s. ...