TMI Blog2016 (12) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... ndelwal For The Respondent by : Smt. Sumitra Banerji ORDER PER SUSHMA CHOWLA, JM: This appeal filed by the assessee is against the order of CIT(A)-12, Pune, dated 10.02.2015 relating to assessment year 2010-11 against order passed under section 143(3) of the Income-tax Act, 1961 (in short the Act ). 2. The assessee has raised the following grounds of appeal:- 1. There is delay in filing appeal against the Order of CIT(Appeals)-12 passed by him on 10/02/2015 received by the appellant on 12/03/2015. Due to reasons beyond his control the appeal order remained to be handed over to the tax consultant for filing appeal against the same before the ITAT. An affidavit executed by the appellant giving the reasons for de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter the day to day business activities including taxation matters of the firm since past several years. Order of the CIT(Appeals)-12 for the AY 2010 -11 was received by me on 12/03/2015. The said order was handed over to one of my employees Mr. Raju Mohanlal Jain for the purpose of handing over the same to my Chartered Accountant for filing appeal against the said order. I proceeded to the USA to visit my daughter thereafter returned back within months time. When I returned back to India, my employee Mr. Raji Mohanlal Jain had proceeded to his native place as he had certain person family problems he did not return back for months together. Finally he left the job returned back to his place permanently. I was under the bonafide belief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to USA to visit his daughter on 21/04/2015. A copy of passport stamping is enclosed herewith. 5. Mr Praveen Solanki returned back to India on 10/05/2015. 6. Mr Praveen Solanki was under the impression that Mr Rajesh must have forwarded the order to the Chartered Accountant and further action must have been taken by him. 7. Mr Rajesh had been to his native place due to some personal problems from 30/06/2015 to 14/07/2015 . Thereafter he left the job since 16/09/2015. A copy of muster roll has been enclosed herewith for reference. 8. Mr Praveen Solanki thereafter received the notice of penalty u/s 271(1)(c) for the above referred case. After enquiry he got to know that further appeal has not been filed against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he disallowance made of remuneration under section 40(b) of the Act. 9. The first ground of appeal raised by the assessee is against condonation of delay in filing the appeal late before the Tribunal. The assessee has explained the reasons for said delay which have been reproduced in the paras hereinabove. Further, the issue raised in the present appeal is squarely covered by the order of Tribunal in sister concern case and following the principle of natural justice, I am of the view that the delay in filing the present appeal late by 354 days merits to be condoned, since on identical facts, relief has been allowed to the sister concern. Accordingly, accepting the reasons filed for condonation of delay in filing the appeal late before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed income u/s.69B of the I.T. Act and the assessee is not entitled to any remuneration or interest as per the provisions of section 40(b) of the I.T. Act. I find in appeal the CIT(A), following the decision of Hon ble Gujarat High Court in the case of Fakir Mohamed Haji Hasan (Supra) and the decision of Hon ble Chattisgarh High Court in the case of Dhanush General Stores (Supra) held that investment in excess stock found during the course of survey would constitute deemed income u/s.69B of the Act and the assessee is not entitled to deduction u/s.40(b) of the I.T. Act. It is the submission of the Ld. Counsel for the assessee that such excess stock found during the course of survey which was offered as additional income by the assessee const ..... X X X X Extracts X X X X X X X X Extracts X X X X
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