Innovior Advisory Pvt Ltd Vs ITO (ITAT Bangalore)
ITAT Bangalore held that hearing notices sent by CIT(A) was not received by the assessee since notices were sent to old auditor’s email ID. Thus, non-appearance was neither wilful nor wanton hence ex-parte order of CIT(A) set aside.
Facts- AO made an assessment u/s. 143(3) of the Act in which he had estimated the share premium received by the assessee by following the Net Asset Value method rejecting the value adopted by the assessee under the Discounted Cash Flow method. CIT(A) had dismissed the appeal for the non-appearance of the assessee and therefore the assessee preferred this appeal before this Tribunal.
Conclusion- Held that the notices sent by CIT(A) was not received by the assessee since the same were sent to the old auditor’s email ID and therefore the non-appearance of the assessee before the CIT(A) is neither willful nor wanton and prayed to grant one more opportunity of hearing before CIT(A). Thus, we accept the reason stated by the assessee for non-appearance before CIT(A) and therefore we are inclined to set aside the ex-parte order of CIT(A) and remit the issue to the file of CIT(A) for deciding the appeal on merits.
