2003 (11) TMI 294

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....cide the issue on merit, the first objection of the assessee is directed against the order of the CIT(A) in not condoning the delay and subsequently proceeding to decide the issue on merit, without first condoning the delay. 2. The assessee filed the return of income on 31st Aug., 1992 for the assessment year under consideration claiming loss of Rs. 1,67,080. This figure was arrived at by the a....

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.... of the assessee for the remaining years. Aggrieved, the assessee approached the first appellate authority. 3. There was a delay in filing the appeal before the first appellate authority for about two years which according to the assessee occurred due to the fact that the assessee approached the CIT under s. 264, assessee shifted from Quilon to Chennai and the assessee was facing stringent fina....

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....ch. This fact is very clear from the reading of the order of the CIT(A), para 7. He submitted that the assessee and his father were partners in two firms of cashew export business. Father expired on 23rd April, 1989. The business was not going well. The loan taken from State Bank of Travancore could not be repaid in time. Subsequently, there was a settlement, even according to the CIT(A) with rega....