PME POWER SOLUTIONS INDIA LTD,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, NEW DELHI

ITA 249/DEL/2024Status: DisposedITAT Delhi16 October 2024AY 2013-14Bench: SHRI M. BALAGANESH (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)26 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal condoned the delay, finding sufficient cause. It quashed the assessment proceedings, holding that the AO should not tax income offered on a mercantile basis for unrealized debtors, applying the principle of consistency. The penalty appeal was also allowed.

What were the facts?

The assessee's return was treated as invalid due to non-payment of self-assessment tax. The Assessing Officer (AO) made additions, and the CIT(A) dismissed the appeal as non-maintainable for not paying the tax due. The assessee filed an appeal before the ITAT after a significant delay.

What were the issues?

Whether the delay in filing the appeal should be condoned and whether the assessment orders were legally tenable, particularly concerning the taxation of unrealized sales income and the principle of consistency.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 271(1)(c),Section 139,Section 140A,Section 139(9),Section 249(4)(a),Section 154,Section 155,Section 276C(2),Section 279(1),Section 292B,Section 144,Section 153A,Section 36(1)(vii)

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Income Tax Appellate Tribunal, DELHI BENCH “F”: NEW DELHI

Before: SHRI M. BALAGANESH & SHRI VIMAL KUMAR

For Appellant: Shri Gaurav Jain, Adv, Ms. Bharti Sharma, Adv
For Respondent: Shri Rajesh Dhanesta, Sr. DR
Hearing: 10/10/2024Pronounced: 16/10/2024

PER BENCH

1.

These appeals in ITA No.242/Del/2024 and 249/Del/2024 for AY 2013-14, arises out of the order of the Commissioner of Income Tax (Appeals)-7, New Delhi [hereinafter referred to as ‗ld. CIT(A)‘, in short] in Appeal No. 10459/CIT(A)-7/Del/2016-17 dated 03.04.2017 against the order of assessment passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as ‗the Act‘) dated 19.01.2016 and 22.07.2016 u/s 271(1)(c) by the Assessing Officer, DCIT, Circle-19(1) & (2), New Delhi (hereinafter referred to as ‗ld. AO‘).

2.

At the outset, there is a delay in filing of appeal by the assessee by 2423 days. In this regard, the following seq

The order continues below.

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