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TMI Blog2014 (2) TMI 1379X X X X Extracts X X X X X X X X Extracts X X X X ..... ot available for set off against the short term capital gain of Rs. 54,38,407/- during AY 2004-2005 without properly appreciating the fact that prior to amendment of section 70 and 74 by the Finance Act of 2002, there was only one category of carried forward capital loss which was available for set off against the capital gain for subsequent assessment year. 2. The Ld CIT (A) erred in holding that loss pertaining to AY 2001-2002 right of the appellant of set off and carry forward loss of AY 2001-2002 got extinguished by amendment to the Act w.e.f. AY 2003-04 without properly appreciating the law on the subject. 3. The Ld CIT (A) erred in not holding that profit of the appellant for the year under provisions of 115JB be reduced by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder was mixed up with other office papers and could not be forwarded to the Chartered Account for filing necessary appeal. Thereafter, when the appellant order came to the light, it was forwarded to the Chartered Accountant and an appeal has been filed thereafter on 6th Sept. 2010. 3. I most respectfully pray to the Hon‟ble Income Tax Appellate Tribunal to condone the delay as the said delay was caused on account of clerical error and is unintentional one. The appellant company is having good case in appeal. Hence, it is prayed that the delay be condoned." 4. Considering the above, we are of the opinion that there is a reasonable cause for not filing the appeal before the Tribunal within the stipulated time, therefore, the delay o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide ITA No.5428/M/2007, dated 24.12.2002 (2) Manali Investments vs. ACIT, 45 SOT 128 (Mum) (URO) etc. Some of these decisions were not available to the AO / CIT (A) at the appropriate point of time. Therefore, in our considered opinion, the issue should be remanded to the files of the CIT (A) with a direction to examine the applicability of the said decisions to the facts of the present case and decide the grounds as well as the additional grounds as the case may be after granting a reasonable opportunity of being heard to the assessee. Accordingly, ground no.2 and 3 as well as the additional grounds are allowed in the above mentioned manner. 8. In connection with ground nos. 3 & 4, Ld Counsel for the assessee brought our attention to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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