9911796707
TMI Blog2012 (6) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal : "(i) Whether on the true and correct interpretation of the provi- sions of sections 249, 250 of the Act the decision of the Commissioner of Income-tax (Appeals) on the merits can be interpreted as a 'satisfaction for an admission of an appeal' filed beyond the period prescribed ? (ii) Whether the Tribunal was right in law by not assigning any rea- soning to the pleadings raised in pursuance of the grounds of appeal ? (iii) Whether the assessment framed under section 144 read with section 153A is valid and legal when the required information to form 'reason to believe' under section 132 of the Act is lacking ? &nb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the release of the loan against the sanctioned terms and conditions. During the course of assess- ment proceedings, it was intimated that Arun Ummat, i.e., the director of the appellant-company was not in a medically fit condition to attend the proceedings. The assessment was completed under section 144 read with section 153A of the Act at an amount of Rs. 24,99,000 on protective basis, vide order dated March 6, 2006 (annexure P 2). The said addition was made on account of unexplained bank deposits. The reason for framing assess- ment under section 144 of the Act is discerned from the following observations recorded in the assessment order : "Notice under section 153A of the Income-tax Act, 1961, was is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complying with the notices issued to it for filing return of income and get the assessment proceedings finalized. Therefore, in view of the circumstance explained above and in the absence of any specific reply to the points raised in the questionnaire, I am left with no other alternative but to frame the assessment under section 144 read with section 153A to the best of my judgment on the material and information available on record." 4. This order was challenged by the assessee by filing appeal before the Commissioner of Income-tax (Appeals) (in short "the CIT(A)"). Since the appeal was filed after 923 days of the expiry of period of limitation, an application for condonation of delay was also filed. The Commissioner of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n found in the bank account of the assessee-company, the same are to be explained by the company. Even though the assessee is single handedly managing the affairs, yet the shares of the company are held by other share holders also. Therefore, the company becomes independent entity. Thus, this ground of the assessee is dismissed." 9. When the matter came up for consideration before the Tribunal, the order of the Commissioner of Income-tax (Appeals) was upheld. The Tribunal has upheld that there was no sufficient ground established before the Commissioner of Income-tax (Appeals) for condonation of delay in filing the appeal. 10. Before us also, the counsel for the assessee reiterated the submissions that were raised before the author ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
