GOODWILL WEALTH MANAGEMENT PVT. LTD.,CHENNAI vs. ITO, CORPORATE WARD-2(3), CHENNAI

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ITA 2561/CHNY/2024Status: DisposedITAT Chennai19 December 2024AY 2018-193 pages
AI SummaryRemanded

What did the Tribunal hold?

The appeal was filed by the assessee against the penalty order. The specific grounds and merits of the penalty are not detailed in this excerpt.

What were the facts?

The assessee, Goodwill Wealth Management Private Limited, filed an appeal against the order dated 26.07.2024 passed by the NFAC, Delhi. This order levied a penalty under section 270A of the Income Tax Act, 1961.

What were the issues?

The primary issue revolves around the levy of penalty under Section 270A of the Income Tax Act, 1961.

Which sections of the Income-tax Act were involved?

Section 270A

AI-generated summary — verify with the full judgment below

Before: Shri S.S. Viswanethra Ravi & Shri Manoj Kumar Aggarwal

Year: 2018-19 Goodwill Wealth Management Vs. Income Tax Officer, Private Limited, No. 73, 1st Floor, Corporate Ward 2(3), Tarana Complex, Guindy, Chennai. Chennai 600 032. [PAN: AAECG9766E] (अपीलाथ�/Appellant) (��थ�/Respondent) अपीलाथ� की ओर से / Appellant by : Shri Raghav Rajeev Menon, Advocate ��थ� की ओर से/Respondent by : Shri R. Raghupathy, Addl. CIT सुनवाई की तारीख/ Date of hearing : 17.12.2024 घोषणा की तारीख /Date of Pronouncement : 19.12.2024 आदेश /O R D E R

PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER:

1.

This appeal filed by the assessee is directed against the order dated 26.07.2024 passed by the ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi for the assessment year 2018-19 in levying penalty under section 270A of the Income Tax Act, 1961 [“Act” in short].

2.

We find that this appeal is filed with a delay of 10 days. The assessee filed an affidavit for condonation of delay explaining reasons for the said delay and prayed for condonation of that delay. On perusal of the condonation petition and upon hearing both the parties, we find that the reasons explained by the assessee are bonafide and therefore, the delay is condoned and admitted the appeal for adjudication.

3.

At the outset, the ld. AR Shri Rahav Rajeev Menon, Advocate submits that by rejecting the condonation petition filed by the assessee, the ld. CIT(A) dismissed the appeal without deciding the issues on merits. He submits that the assessee filed a petition for condonation of delay before the ld. CIT(A). He drew our attention to the petition for condonation of delay and contended that when the Accountant of the assessee demitted office without handing over the records to the management of the assessee company, the assessee had no occasion about the completion of the assessment until receipt of penalty notices. He submits that the delay in filing the appeal is neither wilful nor wanton and only due to the genuine reasons and prayed that the delay may be condoned and direct the ld. CIT(A) to adjudicate the issues on merits.

4.

The ld. DR Shri R. Raghupathy, Addl. CIT vehemently opposed the submissions of the ld. AR and strongly supported the order passed by the ld. CIT(A).

5.

Heard both the parties and perused the material available on record. Admittedly, the assessee filed a petition for condonation of delay in filing the appeal before the ld. CIT(A) giving genuine reasons for the delay. Considering the submissions of the ld. AR and the ld. DR and in the interest of natural justice, we deem it proper to remand the matter to the file of the ld. CIT(A) with a direction to consider the delay condonation petition and condone the delay and adjudicate the grounds raised

by the assessee. The assessee is at liberty file explanation/documentary evidences, if any, to substantiate its claim. Thus, the grounds raised by the assessee are allowed for statistical purposes.

6. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced on 19th December, 2024 at Chennai.

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