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2012 (3) TMI 26 - AT - Income TaxCondonation - Delay of 788 days - Sufficient and reasonable cause - hearing held just once - Held That:- In view of Collector, Land Acquisition vs. Mst. Katiji & Ors.(Supreme Court), pragmatic and liberal approach while considering the petition for condonation of delay. Closing Stock in books at Rs 1,44,77,950 carried forward at Rs 1,15,20,868 - Assessment under 143 - CIT invoked 263 - Held That:- C.I.T. assumed that the opening stock of the subsequent assessment year was correct, which led him to assume that closing stock of the assessment year under consideration was shown at lesser value, which was based on unfounded premises without considering the audited books of accounts of the assessee. 263 of the Act is not one which depends on contingency or guess work, but it should be actually an error either of fact or of law.CIT vs. Trustees of Anupam Charitable Trust (1986 - TMI - 25628 - RAJASTHAN High Court), Jai Kumar Kankaria vs. CIT (2000 -TMI - 14058 - CALCUTTA High Court)
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