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2010 (3) TMI 726 - AT - Income TaxCondonation of delay - Estimation of net profit - Search - condonation of delay is lacking conviction and that the assessee was not prevented by a reasonable cause in preferring these appeals belatedly - The assessment orders were passed on23-3-2006 and they were received by the assessee on10-4-2006 - in condoning the delay of preferring of the appeals in 2008 - The assessee had not brought on record any documentary evidence to suggest that he was prevented by a reasonable or sufficient cause in not preferring these appeals within the stipulated time limit - The reasons set-out by the assessee, to put it mildly, are lacking conviction and that he was very active in attending to the assessment proceedings, recording of his statements on oath, receiving the seized materials from the Assessing Officer and so on so forth which belied his stand that he was prevented by a reasonable and sufficient cause Revenue’s other ground of ‘restriction of estimation of net profit at 5 per cent by the CIT(A) as against 12 per cent estimated by the Assessing Officer on sale of old tractors’ becomes obsolete - Decided against the assessee
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