https://www.taxtmi.com/caselaws?id=466753 Condonation of a 40-day delay was granted where procedural factors (company dissolution and misdirected email) prevented timely knowledge and the appeal was filed promptly upon notice. Separately, a penalty under the income tax concealment provision was set aside because additions arose solely from applying an estimated gross profit rate to alleged bogus purchases while purchases recorded in books and corresponding sales were not disputed; absent a finding of deliberate concealment beyond the estimation exercise, penalty for concealment could not be sustained. The appeal succeeds on both grounds. en-us Tue, 25 Feb 2025 00:00:00 +0530 Wed, 18 Feb 2026 20:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466753 Condonation of a 40-day delay was granted where procedural factors (company dissolution and misdirected email) prevented timely knowledge and the appeal was filed promptly upon notice. Separately, a penalty under the income tax concealment provision was set aside because additions arose solely from applying an estimated gross profit rate to alleged bogus purchases while purchases recorded in books and corresponding sales were not disputed; absent a finding of deliberate concealment beyond the estimation exercise, penalty for concealment could not be sustained. The appeal succeeds on both grounds. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466753