2014 (7) TMI 757

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...., New Delhi amounting to Rs. 1,26,18,872/- by adopting the rate of property as on 01.04.1981 at Rs. 2400/- per Sq. Yard in place of Rs. 533/- per Sq. Yard taken by the AO. 2. That the CIT (A) has wrongly adopted the circle rate of commercial property at Rs. 2400/- per Sq. Yard on the basis of assessee's computation for the calculation of indexed cost of acquisition. Because the AO has taken the fair market value at the rate of Rs. 533/- per Sq. Yard. being residential one on the basis of adjoining property sold by the another assessee Smt. Veer Bala Agarwal in which the rate of property for computation of indexed cost was taken at Rs. 533/- per Sq. Yard as on 01.04.1981." 2. There is a delay of 599 days of limitation, in filing the ap....

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....r from ACIT, Central Circle, Meerut to ACIT, Circle-2, Ghaziabad. 4. At the outset, the ld. Counsel for the assessee has placed on record order dated 21.12.12, passed by the 'B' Bench, Delhi Tribunal in a connected matter in 'DCIT Cir.1, Ghaziabad vs. Deepak Kumar Jain, Ghaziabad in ITA No.5222/D/2012 for AY 05-06 (the same year as the one presently under consideration). In the said order, under circumstances exactly similar to those in the present case, the appeal filed by the department was dismissed for delay. 5. The ld. DR, however, has strongly requested for condonation of delay, stating that there was sufficient cause for the delay in filing the appeal, due to the transfer of the case, as above and due to the consequential trans....

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....cribed in this behalf. Where the time for preferring an appeal has expired, a valuable right is secured to the respondent or the opposite party and such right ought not to be lightly disturbed [as held by Hon'ble Supreme Court in the case of Ramlal vs. Rewa Coalfields Ltd. AIR 1962 SC 361, 363]. The appeal preferred or made after the expiry of the prescribed period can be admitted only if the assessee satisfied the Tribunal that there was sufficient cause for not preferring the appeal within such period. The Tribunal has power to condone the delay only when sufficient cause is shown with a view to advance substantial justice and even after sufficient cause has been shown the party is not entitled to condonation of delay, as a matter of righ....