JAGDISH MALHOTRA,NEW DELHI vs. ACIT, CIRCLE-16(1), JHANDEWALAN

ITA 4546/DEL/2025Status: DisposedITAT Delhi26 September 2025AY 2012-1313 pages
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What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal, finding no intentional laches on the part of the assessee. The Tribunal acknowledged the communication breakdown among professionals and the potential irreparable loss to the assessee if the appeal was not admitted.

What were the facts?

The assessee's appeal was filed 112 days late due to a communication gap within the assessee's professional team. The original assessment for AY 2012-13 was processed under Section 143(1), but the case was reopened based on information about bogus long-term capital gains from penny stocks.

What were the issues?

The primary issue was whether to condone the significant delay in filing the appeal. A secondary issue involved the validity of reopening the assessment based on information regarding alleged bogus long-term capital gains from penny stocks.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 68,Section 10(38),Section 143(1),Section 142(1),Section 151

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “B” BENCH, DELHI

Before: MS. MADHUMITA ROY & SHRI NAVEEN CHANDRA

For Appellant: Adv. &
Pronounced: 02.09.2025

Heard together (2 matters)

ITA No. 4546/Del/2025
S.A. No.429/Del/2025

Read from the judgment's own cause title. This page is filed under one of them.

PER MADHUMITA ROY, JM: The instant appeal filed by the assessee is directed against the order passed by the Ld. CIT(A)-24, New Delhi, dated 16.01.2025 arising out of the Assessment Order dated 19.12.2019 passed by the Ld. ACIT, Circle-16(1), New Delhi under Section 143(3)/147 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act') for Assessment Year 2012-13. Page 2 S.A. No.429/Del/2025 Jagdish Malhotra (AY: 2012-13)

2.

The instant appeal filed by the assessee is barred by l

The order continues below.

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