TMI Blog2021 (4) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... ountant has expired and hence they could not get any letter from him in support of their averments. Since the assessees had believed that the earlier Chartered Accountant would have filed appeals as per their request, they did not follow up the matter. Once they realized that the appeals have not been filed, the present appeals have been filed with delay. Under these set of facts and circumstances of the case, I am of the view that there is sufficient cause for not filing the appeals in time. However, as contended by Ld D.R, it is also the duty of the assessees to follow up their earlier CA with regard to filing of appeal in time. No prudent businessman would remain so inactive or idle, when it comes to the compliance of legal provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the orders passed by Ld. CIT(A)-5, Bengaluru in their respective hands and both the appeals relate to assessment year 2014-15. Since the issues contested in this appeal is identical in nature, they were heard together and are being disposed of by this common order, for the sake of convenience. 2. The Ld. Counsel appearing for the assessee submitted that the appeal filed by Shri Sanjiv Bhutra is barred by limitation by 998 days and the appeal filed by Shri Rajiv Kumar Bhutra is barred by limitation by 1013 days. The Ld. A.R. submitted that both the assessees have filed petitions requesting the bench to condone the delay. The Ld. A.R. submitted that both the assessees are related to each other and their cases were earlier handled by a C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in filing the appeals and hence, their appeals have to be dismissed in limine. 4. I heard the rival contentions on this preliminary issue and perused the record. It is stated in the petition that there was certain mis-communication between the assessees and their authorized representative. It is further stated that the assessees were under bonafide belief that their earlier Chartered Accountant would have filed appeal in time. But it came to their notice later that the appeals have not been filed and by that time the due date for filing appeals has elapsed. It is stated that the earlier Chartered Accountant has expired and hence they could not get any letter from him in support of their averments. Before me, the Ld. A.R. placed reliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit of Income Tax Department as Other fees within 30 days from the date of receipt of the order of the Tribunal. Subject to the payment of above said cost by the assessees, I condone the delay in filing both the appeals under consideration and admit them. 5. The solitary issue urged in both the appeals relate to assessment of longterm capital gain arising on sale of shares as income of the assessee rejecting the claim of long term capital gain. 6. The assessee Shri Sanjiv Bhutra had purchased 6000 shares of Cresanda Sales Ltd. (earlier known as M/s Smartchamps IT and infra Limited) for a sum of ₹ 60,000/- on 17.11.2011 and sold the same on 4.4.2013 for ₹ 24,52,044/-, which resulted in capital gain of ₹ 23.80 lakhs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ials relied upon by the A.O. with the assessees. Further, the A.O. has not given opportunity of cross examining the Chairman and MD of M/s. NCL Research Financial Services Ltd. Accordingly, the Ld. A.R. submitted that the issues may be restored to the file of the A.O. for examining them afresh after offering opportunity of rebutting various evidences which were relied upon by A.O. for making the impugned additions. The Ld. A.R. submitted that the assessees may also be provided with an opportunity to cross examine any person whose statement has been relied on by the A.O. 10. On the contrary, the Ld. D.R. submitted that the assessees have not proved that the capital gain declared by them is genuine, since they have dealt with penny ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
