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Income Tax Appellate Tribunal, “B (SMC
Before: SHRI N.R.S. GANESAN & SHRI S. JAYARAMAN
आदेश/ O R D E R
PER S. JAYARAMAN, ACCOUNTANT MEMBER:
The assessee filed this appeal against the order of the
Commissioner of Income Tax (Appeals)-5, Chennai in ITA No.
287/CIT(A)-5/16-17 dated 04.06.2018 for assessment year 2014-15.
:-2-: ITA No.2044/Chny/2018
Shri. Kahnayalal Anil Kumar, the assessee, sold 75,000 shares of
M/s. Esaar India Ltd., computed long term capital gains of Rs.
13,13,695/- and claimed it as a deduction u/s. 10(38) for assessment
year 2014-15. While making the assessment for assessment year 2014-
15, the Assessing Officer after considering various materials collected by
him and furnished by the assessee treated the sale of shares as a penny
stock and assessed the entire sale consideration as an “income from
other sources”. Aggrieved, the assessee filed an appeal before the
CIT(A). The CIT(A) did not condone the delay in filing the appeal and
dismissed it as barred by limitation. Aggrieved, the assessee filed this
appeal.
The Ld. AR submitted that the assessee misplaced the
assessment order as it got mixed up with various papers. By the time
he could trace and file the appeal there was a delay of 5 days in filing
the appeal. So, he pleaded that the delay is neither wilful nor wanton
and sought condonation of delay before the Ld. CIT(A). The Ld. CIT(A),
unfortunately, refused to condone the delay and dismissed the appeal
as barred by limitation. The assessee pleaded that the delay be
condoned in the interests of justice and due justice is rendered to the
assessee.
:-3-: ITA No.2044/Chny/2018 4. We heard the rival submissions and condone the delay. The issue
is remitted back to the Ld. CIT(A) for affording effective opportunity to
the assessee and pass the order on merits in accordance with law.
In the result, the assessee’s appeal is allowed.
Order pronounced on Thursday, the 20th day of December, 2018 at Chennai.
Sd/- Sd/- (एन.आर.एस .गणेशन) (एसजयरामन) (N.R.S. GANESAN) (S. JAYARAMAN) �या�यकसद�य/Judicial Member लेखासद�य/Accountant Member चे�नई/Chennai, 5दनांक/Dated: 20th December, 2018 JPV आदेशक0#�त6ल7पअ8े7षत/Copy to: 1. अपीलाथ&/Appellant 2. #$यथ&/Respondent 3. आयकरआयु:त ) अपील(/CIT(A) 5. 7वभागीय#�त�न�ध/DR 6. गाड=फाईल/GF 4. आयकरआयु:त/CIT