GULAB SINGH,ALLAHABAD vs. INCOME TAX OFFICER, RANGE-1(2), ALLAHABAD

ITA 2/ALLD/2021Status: DisposedITAT Allahabad03 September 2021AY 2014-156 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal, considering the explanation provided and the impact of the COVID-19 pandemic period. Regarding the addition, the Tribunal held that it should be restricted to the profit element of the alleged out-of-books sales, not the entire sale proceeds, and based on the average sale price recorded in the assessee's books.

What were the facts?

The assessee's appeal was filed with a significant delay due to the misplacement of the case file during office renovation. The delay was primarily attributed to the file being mistakenly taken by another client and returned much later. The appeal concerned an addition made by the Assessing Officer on account of a stock difference found during a survey.

What were the issues?

Whether the delay in filing the appeal is justifiable and whether the addition on account of stock difference should be the entire sale value or only the profit element.

Which sections of the Income-tax Act were involved?

Section 133A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ALLAHABAD ‘SMC’ BENCH, ALLAHABAD

Before: SHRI.VIJAY PAL RAO

For Appellant: Mr. S.K. Yogeshwar Adv
For Respondent: Mr. A.K. Singh, Sr. DR
Hearing: 06.09.2021Pronounced: 06.09.2021

PER SHRI VIJAY PAL RAO, JUDICIAL MEMBER:

This appeal by the assessee is directed against the order dated 26th November, 2019 of CIT (A) for the assessment year 2014-15. 2. There is a delay of 364 days in filing the present appeal. The assessee has filed an application for condensation of delay which is also supported by the affidavit of the Ld. AR of the assessee. The assessee has explained the delay in filing the appeal due to the reason that after receiving the impugned order of the CIT (Appeals) on 16.12.2019, the complete file was misplaced in the Chamber of the counsel of the assessee as some renovation was going on. The file was traced out only on 11th Feb, 2021 and thereafter this appeal w

The order continues below.

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