https://www.taxtmi.com/caselaws?id=762081 The ITAT upheld the CIT(A)'s decision regarding the delayed filing of Form 10, directing the appellant to seek condonation from the Jurisdictional Commissioner of Income Tax, emphasizing the Central Board of Direct Taxes' power to condone delays under section 119(2)(b). Concerning the addition of Rs.3,58,00,000 as unreported income, the ITAT remanded the case back to the Assessing Officer to verify the nature of the amount and its compliance with Accounting Standard-12 (AS-12) before determining its treatment as income. The appeal was allowed for statistical purposes. en-us Thu, 21 Nov 2024 00:00:00 +0530 Sat, 23 Nov 2024 08:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762081 The ITAT upheld the CIT(A)'s decision regarding the delayed filing of Form 10, directing the appellant to seek condonation from the Jurisdictional Commissioner of Income Tax, emphasizing the Central Board of Direct Taxes' power to condone delays under section 119(2)(b). Concerning the addition of Rs.3,58,00,000 as unreported income, the ITAT remanded the case back to the Assessing Officer to verify the nature of the amount and its compliance with Accounting Standard-12 (AS-12) before determining its treatment as income. The appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762081