ITAT Condones 2929-Day Delay, Partly Allows Appeal on Business Income Computation for Assessment Year 2014-15. The appeal against the NFAC's order regarding the computation of business income for the assessment year 2014-15 was partly allowed by the ITAT. The ...
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ITAT Condones 2929-Day Delay, Partly Allows Appeal on Business Income Computation for Assessment Year 2014-15.
The appeal against the NFAC's order regarding the computation of business income for the assessment year 2014-15 was partly allowed by the ITAT. The initial computation by the CPC was contested, with the assessee's appeal dismissed by the CIT(A) due to a 2929-day delay. The ITAT condoned the delay, acknowledging the assessee's efforts to rectify the situation and the reasonable cause for the delay. The case was remanded back to the CIT(A) for proper adjudication, ensuring adherence to the principles of natural justice.
Issues involved: Appeal against order by National Faceless Appeal Centre (NFAC) for assessment year 2014-15, regarding computation of business income.
Summary:
Issue 1: Computation of Business Income - The appeal was filed against the order passed by NFAC, Delhi, confirming the computation of business income at Rs. 36,95,639/-, as opposed to the returned income of Rs. 4,24,218/-. - The assessee had initially declared a total income of Rs. 4,90,980/- for the assessment year 2014-15. However, the CPC processed the return and determined the total income at Rs. 37,62,400/-, raising a demand of Rs. 11,54,740/-. - The CPC added a sum of Rs. 29,94,456/- to the total income as contract income under other revenue. - The appeal filed by the assessee before the CIT(A) was dismissed, citing a delay of 2929 days in filing the appeal. The assessee claimed that the delay was due to not receiving the intimation and rectification requests not being processed by the CPC. - The delay was condoned by the ITAT, considering the efforts made by the assessee to rectify the situation and the reasonable cause for the delay. The matter was remanded back to the CIT(A) for proper adjudication, ensuring the principles of natural justice are followed.
Decision: - The appeal of the assessee was partly allowed for statistical purposes, with the delay in filing the appeal being condoned and the matter remanded back to the CIT(A) for proper adjudication.
This summary encompasses the key issues and details of the judgment, focusing on the computation of business income and the delay in filing the appeal.
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