AUGUST JEWELLERY PVT LTD,BENGALURU vs. D.C.I.T., CIRCLE 1(1)(1), BANGALORE, BANGALORE

ITA 1419/BANG/2025Status: DisposedITAT Bangalore15 December 2025AY 2022-2335 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the CIT(A) dismissed the appeal without considering the merits due to the delay. The assessee contended that the addition under Section 68 was incorrect as the funds were received in a prior year and the current year only involved a conversion of debentures to preference shares, which was a non-monetary book entry.

What were the facts?

The assessee's appeal was dismissed by the CIT(A) due to a delay of 167 days in filing the appeal. The assessee argued that the delay was due to technical difficulties and delayed access to the assessment order. The addition under Section 68 pertained to share premium received in an earlier year, which was converted into preference shares in the current year.

What were the issues?

Whether the CIT(A) erred in dismissing the appeal without granting adequate opportunity and condoning the delay. Whether the addition under Section 68 was justified when the funds were received in a prior year and the current year involved a conversion of securities.

Which sections of the Income-tax Act were involved?

Section 68,Section 270A,Section 271AAC(1)

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Cases cited in this judgment(8)Show list

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Income Tax Appellate Tribunal, A BENCH : BANGALORE

Before: SHRI. LAXMI PRASAD SAHU & SHRI. KESHAV DUBEY

For Appellant: Shri. Miraj Shah, AR
For Respondent: Shri. Shivanand H Kalakeri, CIT(DR)(ITAT), Bangalore
Hearing: 19.11.2025Pronounced: 15.12.2025

Per Laxmi Prasad Sahu, Accountant Member :

These three assessee's appeals, all pertaining to AY 2022-23, arise from the separate three Appellate Orders passed by NATIONAL FACELESS APPEAL CENTRE [in short, “NFAC”], Delhi passed as under.

Appeal against Order passed under section by NFAC [CIT(A)] DIN No. Date NFAC/2021- 22/10405170 under section 143(3) NFAC/2021- 22/10406267 under section 270A NFAC/2021- 22/10406268 under section 271AAC1 ITBA/NFAC/S/250/2025-26/1076855927(1) 10.06.2025 ITBA/NFAC/S/250/2025-26/1077155818(1) 18/06/2025 ITBA/NFAC/S/250/2025-26/1077236277(1) 19/06/2025

The order continues below.

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