2018 (10) TMI 1026

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....33A of the Income Tax Act, 1961 ('the Act') was conducted at the assessee's business premises on 3.11.2014; in the course of which it was noticed that the assessee and her son had jointly invested in the purchase and renovation of a building to be used as a convention hall. The difference in the purchase consideration for building and investment made in renovation for building was admitted to be Rs. 46,25,000; 50% of which was offered as additional income in the assessee hands in the year under consideration. The assessee filed her return of income for Assessment Year 2015-16 on 22.09.2016 declaring income of (-)Rs.4,95,076; only after issue of notices by the Assessing Officer calling upon the assessee to file the same. It was n....

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....condonation of delay, has emphasised that substantial justice should prevail over technical considerations. The Hon'ble Court also explained that a litigant does not stand to benefit by lodging the appeal late and that the expression 'every day's delay must be explained' does not mean that a pedantic approach should be taken. The doctrine should be applied in a rational, common sense and pragmatic manner. 4.2 Taking into account the account the aforesaid principles laid down by the Hon'ble Apex Court and after careful consideration of the submissions / reasons put forth by the assessee in the Affidavit, I am of the considered opinion that there was sufficient and reasonable cause for the delay of 65 days in filing this appeal, as e....

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....ssment proceedings, the Assessing Officer noticed that in the period under consideration, the assessee had credited a sum of Rs. 8 lakhs in her Capital Account, with the narration "Gift from C.I. Indudhara (spouse)". On being required by the Assessing Officer to file details such as copies of gift deed, copy of return of income and financial statements, etc of the donor, the assessee failed to do so. In the absence of details / proof of having received the gift, the said sum amounting to Rs. 8 lakhs was held to be an unexplained credit and brought to tax in the assessee's hands. On appeal also, the learned CIT(Appeals) dismissed the assessee's ground observing "Before me also, no evidences on materials are produced in support of the....

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....thorities below and restore to the file of the Assessing Officer; the matter of the examination of the veracity of the assessee's claim that the credit of Rs. 8 lakhs in her Capital Account is really a gift received from her husband. Needless to add, the assessee shall be afforded adequate opportunity of being heard in the matter and to file details / submissions required, which shall be duly considered before deciding the issue by way of a speaking and reasoned order. Consequently, Ground No.1 of the assessee's appeal is allowed for statistical purposes. 6. Ground No.2 - Advance Tax - Added - Rs. 1 lakh. 6.1 in this ground, the assessee assails the orders of the authorities below in making / confirming disallowance of Rs. 1 lac ....