Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 159 - AT - Income TaxCondonation of delay - CIT(A) dismissed appeal in limine - Financial inability to engage professionals – Held that:- it is clear that the explanation furnished by the assessee for delay in filing the appeal has been substantiated by the AO itself by treating the cash sales of M/s. Deluxe Karran Imports Pvt. Ltd. Though there is an inordinate delay in filing the appeal before CIT(A) however the reasons explained by the assessee are not found as malafide or a device to cover up ulterior purpose. - Delay condoned. Estimation of income - Held that:- CIT(A) has not decided the appeal of the assessee on merits as it was dismissed in limine on the ground of limitation - the matter requires a fresh examination in view of the fact that same amount has already been treated by the AO as cash sales belonging to M/s. Deluxe Karran Imports Pvt. Ltd. and an income @ 6% has been assessed in the hand of M/s. Deluxe Karran Imports Pvt. Ltd. – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Asseessee. Penalty u/s 271(1)(c) – Held that:- Since the matter in quantum appeal has been set aside to the record of AO, the penalty would not survive - the penalty levied u/s 271(1)(c) is set aside – Decided in favour of Assessee.
|