TaxTMI 
TaxTMI 
2015 (6) TMI 923
X X X X Extracts X X X X
X X X X Extracts X X X X
.... for condonation of delay filed by the assessee. It has been stated in the said application that the common order of CIT(Appeals) was passed on 28.3.2008 and received by the assessee on 3.4.2008. It appears that the then GM(Finance) of the assessee, who is also a Chartered Accountant, advised the assessee that there was no purpose in filing further appeal. The assessee had approached the present counsel (who filed these appeals) for some other professional advice and in the course of discussion, the common order of the CIT(A) was seen by the present counsel. Thereupon, the present counsel asked the assessee as to whether any appeal has bee preferred against the impugned order of CIT(A). It was informed by the assessee to the present counsel....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ble High Court of Karnataka rendered in the case of CIT v. ISRO Satellite Centre, ITA No.532/2008 dated 28.10.2011, wherein the Hon'ble High Court condoned the delay of five years in filing the appeal. In the aforesaid case, the Hon'ble Court found that the very liability of the assessee was non-existent and therefore expressed the view that in such circumstances, the delay in filing the appeal should be condoned. 5. The ld. counsel for the assessee also drew our attention to the fact that the issue involved in the appeal was with regard to allowing depreciation on goodwill. The ld. counsel for the assessee brought to our notice that the assessee purchased the business on weighing division of Phillips India Ltd. on 1.7.1998 for a considera....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The ld. DR, however, submitted that the CIT(Appeals) had observed in para 3.4 of the impugned order that in A.Y. 2002-03 and 2003-04, the assessee accepted the disallowance of depreciation on goodwill. According to him, the delay in filing the appeal was inordinate and therefore should not be condoned. 8. On merits, the ld. DR submitted that allowance of depreciation is dependent upon fulfillment of conditions that the assessee is owner of the asset on which depreciation is claimed and that the assessee has been used for the purpose of business of the assessee. According to him, in the present case, the AO as well as the CIT(Appeals) proceeded on the basis that goodwill was not an item of asset, on which depreciation can be allowed u/s. 3....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on technicalities. We are also satisfied that the delay in filing the appeals has occasioned on account of reasonable cause. In this regard, we find that in Raghavendra Constructions (supra), this Tribunal on identical issue held that subsequent professional advice and delay on account of earlier improper professional advice was sufficient cause to condone the delay in filing he appeal. Following were the relevant observations of the Tribunal:- "13. We have considered the rival submissions. At the outset, we observe that the Hon'ble Supreme Court, in the case of Mst. Katiji (supra), has explained the principles that need to be kept in mind while considering an application for condonation of delay. The Hon'ble Apex Court has emphasized that....
X X X X Extracts X X X X
X X X X Extracts X X X X
....3.2012. Hence, we find that there has been no willful neglect on the part of the Assessee. In such matters the advice of the professional would be the point of time at which the Assessee would begin to explore the option of exhausting all legal remedies. We are also of the view that by condonation of delay there is no loss to the revenue as legitimate taxes payable in accordance with law alone would be collected. We therefore accept the reason given for condonation of delay in filing the appeal. The delay in filing the appeal is accordingly condoned." 10. As far as merits of the appeals are concerned, the fact that the assessee acquired the business of weighing division of Phillips India Ltd. and that a sum of Rs. 64,93,706 was paid as goo....