MOTILAL AGARWAL,SAMBALPUR vs. INCOME TAX OFFICER, WARD-1, SAMBALPUR

आदेश / O R D E R This is an appeal filed by the assessee against the order of the CIT(A), Sambalpur, Camp at Bhubaneswar, dated 04.11.2019 passed in Appeal No.0519/2015-16 for the assessment year 1998-1999. 2. The appeal of the assessee is barred by 1861 days. In this regard, the assessee has filed an application for condonation of delay supported by an affidavit stating therein sufficient reasons for delay in filing the present appeal, which are plausible and not found to be false. Accordingly, the delay of 1861 days in filing the present appeal by the assessee is condoned and the appeal is admitted for hearing. 3. It was submitted by the ld. AR that the assessment had originally been completed u/s.143(3) of the Act. In the course of assessment, valuation of the jewellery declared by the assessee under the VDIS, was wrongly computed, insofar as the valuation report was wrongly given. It was the submission that the assessee had filed an application u/s.154 of the Act and the same was rejected on the ground that the there was no mistake apparent from the record. It was the submission that the error in the valuation was rectifiable. It was the prayer that the Assessing Officer may be directed to reconsider the application u/s.154 of the Act after granting the assessee adequate opportunity of being heard.