https://www.taxtmi.com/caselaws?id=433652 The case involved issues of condonation of delay, application of section 56(2)(ix) of the Income Tax Act, forfeiture of advance amounts, consideration of additional evidence, and appeal against penalty and interest. The ITAT remitted the matter to the CIT(A) for further inquiry to resolve discrepancies and ensure a fair assessment based on a comprehensive examination of the facts. The delay in filing the appeal was condoned, the application of section 56(2)(ix) was upheld, and the authorities were directed to reconsider the issue after conducting a thorough investigation. en-us Fri, 03 Feb 2023 00:00:00 +0530 Mon, 06 Feb 2023 09:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433652 The case involved issues of condonation of delay, application of section 56(2)(ix) of the Income Tax Act, forfeiture of advance amounts, consideration of additional evidence, and appeal against penalty and interest. The ITAT remitted the matter to the CIT(A) for further inquiry to resolve discrepancies and ensure a fair assessment based on a comprehensive examination of the facts. The delay in filing the appeal was condoned, the application of section 56(2)(ix) was upheld, and the authorities were directed to reconsider the issue after conducting a thorough investigation. Case-Laws Income Tax Fri, 03 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433652