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TMI Blog2014 (7) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in rejecting the contention of the assessee that proceedings initiated under Section 147, read with Section 148 are bad as the condition and procedure prescribed under the statute have not been compiled with. 3. (i) On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in rejecting the contention of the assessee that the reassessment proceedings initiated by the learned A.O. are bad in the eye of law as the reasons recorded for the issue of notice under Section 148 are bad in the eye of law and are contrary to the facts. (ii) On the facts and circumstances of the case, the learned CIT(A) has erred, both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the assessee that the AO was not justified in taking the profit as per profit and loss account at Rs. 9,66,26,088/- as against Rs. 2,91,77,209/- taken by the assessee. 7. (i) On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in making addition of Rs. 4,48,38,000/- to book profit in respect of the deferred tax liabilities relating to earlier years. (ii) On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in making addition of Rs. 49,69,000/- to book profit in respect of deferred tax liability relating to current year. (iii)On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in making addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the explanation being bonafide the delay may be condoned and appeal be adjudicated on merits. Ld. SR.DR. did not have any objection if the delay is condoned. In the light of the arguments advanced on the material available on record, we hold that the delay of 2 days deserves to be condoned as the delay has occurred for reasons beyond the control of the assessee and no advantage has accrued to the assessee by filing of the petition late and nor any disadvantage has been caused to the Revenue if the delay is condoned and the appeal of the assessee is decided on merit. Accordingly the delay is condoned. 3. Ld. AR addressing the grounds raised invited specific attention to Ground No-4(i) and 4(ii) reproduced hereinabove. Referring to those ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that in the facts of the present case, the assessee returned an income of Rs. 35,13,830/- which was accepted u/s 143(3) subsequently notice u/s 148 was issued on 31.03.2011 after recording of reasons wherein the book profit u/s 115JB was re-computed at Rs. 14,75,17,011/- and the same was held as deemed to be a taxable income of the assessee company. 5.1. Aggrieved by this, the assessee went in appeal before the CIT(A). Before whom apart from other grounds the following grounds were raised:- 1. "The impugned order of assessment made by the learned JCIT is bad, wrong in law and against the facts of the case and wholly based on suspicion, surmises and conjectures. 1a. The Assessing Officer has initiated proceedings u/s 147/148 of Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcising his powers without the approval of Additional Commissioner/Joint Commissioner of Income Tax. In this context, I withdraw my aforesaid ground of appeal relevant to section1 47/148 of IT Act. This may be kept in view that the assessee continues to challenge the validity of notice u/s 147/148 of IT Act as per other grounds of Appeal as already placed before your honor and written submission already submitted before you." (emphasis by the Bench) 5.4. Accordingly on a consideration of the entire facts and circumstances of the case, no doubt the wording in Ground No-1 & 1a raised by the assessee before the CIT(A) was general however a perusal of the impugned order shows that in the written submissions extracted by the said authority the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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