2014 (6) TMI 151

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....DER The Court : No one appeared on behalf of the Assessee in spite of service. Affidavit-of-Service filed be kept on record. The subject matter of challenge is a judgment and order dated 26th July, 2013 by which the Income Tax Appellate Tribunal dismissed the appeal preferred by the Revenue on the ground of delay. They refused to condone the delay of 62 days relying on a judgment of the Supr....

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.... delay, particularly when huge stakes are involved." The judgment relied upon by the learned Tribunal for the purpose of refusing to condone the delay is also a judgment of the Supreme Court and the said judgment is later in point of time. The assessee is a Government Company. The grounds of appeal on merits are as follows: " II. For that the learned Tribunal erred in law by not deciding ....

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....ort and excess stock which was allowed by the Commissioner of Income Tax (Appeal)." It would appear that Ground No.V involves a major amount of a sum of Rs.3.45 crores approximately. The deletion made by the Commissioner of Income Tax (Appeal) under challenge was made by the Commissioner of Income Tax (Appeal) on the basis of the following reasoning : "However, the gross profit estimated by ....

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....ecific reply. So, it has been considered that the assessee has sold the stock but has not recognized in the books. So, the gross profit, sale value less cost of production of materials needs to be computed. Considering the same gross profit has been computed below: Iron Ore: Average sale value of Iron Ore 1284/MT Estimated sale value of shortfall in stock found Rs.4,02,80,364/- Less, cost....