2012 (10) TMI 355

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....93/Mds/2012, the Revenue has assailed the order of the CIT(A) on account of deletion of penalty levied under section 271(1)(c) of the Act. The assessee has filed cross objection to the appeal ITA No.1659/Mds/2011 filed by the Revenue. However, there is a delay of 94 days in filing of cross objection of the assessee. 2. The assessee has filed an affidavit for condonation of delay in filing the cross objection. We have gone through the affidavit giving detailed reasons for delay in filing cross objection . We are satisfied that the delay is bonafide and not intentional. The delay in filing of cross objection is condoned in the interest of justice and equity. 3. The brief facts of the case are that the assessee is engaged in the business of....

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....Hon'ble Supreme Court of India cited, I direct the Assessing Officer to allow the bad debts claimed." 4. Aggrieved against the order of the CIT(A), the Revenue has preferred second appeal before the Tribunal on the ground that CIT(A) has erred in condoning the inordinate delay of 458 days in filing the appeal and the CIT(A) has also erred in deleting disallowance made by the Assessing Officer on the claim of loss on sale of assets. 5. The DR appearing on behalf of the Revenue submitted that the CIT(A) has condoned the delay without valid reason. The assessee has not been able to explain the delay and whatever reasons submitted by the assessee are not valid. The D.R. further contended that the CIT(A) has deleted disallowance made by the A....

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.... arguable points of facts and law are involved in the case , causing enormous loss and irreparable injury to the party against whom the lis terminates either by default or inaction and defeating valuable right of such a party to have the decision on merit". In view of the law laid down by the Hon'ble Supreme Court of India in the case of Ram Nath Sao & Ors Vs. Gobardhan Sao & Ors. reported as 2002(3) SCC 195, we dismiss this ground of appeal of the Revenue and confirm the order of the CIT(A) in condoning the delay in filing of the appeal by the assessee/appellant. 8. The second ground of appeal of the Revenue is with regard to deletion of disallowance made by the Assessing Officer on the claim of loss on sale of assets amounting to Rs.32,0....