Tribunal allows delayed appeal filing, remits penalty issue for reconsideration under Income Tax Act.

The Tribunal condoned the delayed filing of the appeal due to sufficient cause and allowed the appeal for adjudication. Regarding the penalty under section 271(1)(c) of the Income Tax Act, 1961, the Tribunal remitted the penalty issue back to the Assessing Officer for reconsideration after the quantum addition was decided. The appeal was allowed for statistical purposes, addressing both the delay in filing the appeal and the penalty imposition.

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Issues: Delayed filing of appeal, Penalty under section 271(1)(c) of the Income Tax Act, 1961

Delayed Filing of Appeal:
The appellant's appeal was delayed by 516 days. The appellant's counsel filed an affidavit for condonation of the delay, which the ld. DR did not object to. The Tribunal condoned the delay as the appellant was prevented by sufficient cause, admitting the appeal for adjudication.

Penalty under section 271(1)(c) of the Income Tax Act, 1961:
The case involved the concealment of income and furnishing inaccurate particulars by the assessee. The Assessing Officer made an addition to the income during assessment proceedings, which was further enhanced by the ld. CIT(A). Subsequently, penalty proceedings under section 271(1)(c) were initiated. The ld. CIT(A) observed that the bank account in question was not reflected in the assessee's books of account, leading to the imposition of the penalty. The appellant argued that since the quantum addition was pending before the ITAT, the penalty levy was not maintainable. The Tribunal, after considering the submissions, remitted the penalty issue back to the Assessing Officer for fresh adjudication after deciding the quantum addition. The appeal was allowed for statistical purposes.

In summary, the judgment addressed the delayed filing of the appeal and the imposition of a penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal condoned the delay in filing the appeal and remitted the penalty issue back to the Assessing Officer for fresh consideration after deciding the quantum addition.

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