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 incom

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