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TMI Blog2019 (9) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... Asst. Commissioner of Income Tax, Central Circle 13, Mumbai (hereinafter referred to as ld. AO). 2. At the outset we find that there is a delay of 2107 days in filing of appeal by the assessee before us. The assessee has filed an affidavit wherein it has been contended that he had undergone Kidney Transplantation and his health was weak for a prolonged period from 2008 onwards. Subsequently, he also suffered stroke in the year 2012 which made him completely bed ridden. Because of his prolonged illness, he could not follow-up with his Chartered Accountant as to whether the appeal against the order of the ld. CIT(A) had indeed been filed by the concerned Chartered Accountant before the Tribunal for the year under consideration i.e., A.Y.200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condonation of delay had been considered and also by placing reliance on the decision of Hon'ble Madras High Court in the case of CIT vs. KSP Shanmugavel Nadar and Others reported in 153 ITR 596 (Mad) and Sreenivas Charitable Trust vs. DCIT reported in 280 ITR 357 (Mad), among other decisions of the Tribunal, had condoned the delay of 2819 days in the interest of substantial justice. 2.1. Respectfully following the said decision which had discussed elaborately on the aspect of condonation of delay, by referring to various judicial precedents including the decisions of Hon'ble High Court and Hon'ble Supreme Court, we are inclined to condone the delay in filing of appeal before us of 2107 days and admit the appeal of the assessee for adjud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act that it had paid one time premium to Bank of Nova Scotia for purchase of gold which will effectively add to his gold cost. He also enclosed a letter written by him to the bank vide letter dated 25/04/2005 on the subject of gold purchases from the bank wherein it had been specifically stated by the assessee that it had paid the non-refundable additional premium of Rs. 20 lakhs to Bank of Nova Scotia towards purchase of gold during the relevant purchase period. It was specifically mentioned in the said letter that the said additional premium paid by the assessee is non-refundable irrespective of the quantity of gold purchased by the assessee from the bank during the relevant period. In effect, this premium was paid by the assessee t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no mistake apparent from the records warranting any rectification. We find that this is purely a legal issue and goes to the root of the matter and does not require any investigation of fresh facts. Accordingly, we deem it fit to admit this additional ground and consider the same for re-adjudication. We find from the submissions made by the assessee before the lower authorities, which had been completely ignored by the ld. AO and by the ld. CIT(A) that assessee has made payment of one time non-refundable premium of Rs. 20 lakhs to bank of Nova Scotia for purchase of gold for the purpose of his business in order to ensure continuous and uninterrupted supply of gold by the bank to the assessee. We find from page 5 of the paper book that the b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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