https://www.taxtmi.com/caselaws?id=448546 ITAT Kolkata condoned a 266-day delay in filing appeal, finding no deliberate litigation strategy and recognizing bonafide mistake. The tribunal allowed the assessee's appeal on merits, holding that AO's best judgment assessment was flawed. The addition of bank debit balance as unexplained income under section 69C was deemed absurd without proper verification or cross-examination. AO failed to establish that bank withdrawals were unconnected to business activities. Additionally, the tribunal found AO's assumption regarding cash in hand of Rs. 24,00,490 incorrect, as actual cash was only Rs. 4,000 with remainder in accounts. en-us Thu, 11 Jan 2024 00:00:00 +0530 Mon, 22 Jan 2024 08:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448546 ITAT Kolkata condoned a 266-day delay in filing appeal, finding no deliberate litigation strategy and recognizing bonafide mistake. The tribunal allowed the assessee's appeal on merits, holding that AO's best judgment assessment was flawed. The addition of bank debit balance as unexplained income under section 69C was deemed absurd without proper verification or cross-examination. AO failed to establish that bank withdrawals were unconnected to business activities. Additionally, the tribunal found AO's assumption regarding cash in hand of Rs. 24,00,490 incorrect, as actual cash was only Rs. 4,000 with remainder in accounts. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448546