TaxTMI 
TaxTMI 
2021 (4) TMI 956
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....on order, for the sake of convenience. 2. The Ld. Counsel appearing for the assessee submitted that the appeal filed by Shri Sanjiv Bhutra is barred by limitation by 998 days and the appeal filed by Shri Rajiv Kumar Bhutra is barred by limitation by 1013 days. The Ld. A.R. submitted that both the assessees have filed petitions requesting the bench to condone the delay. The Ld. A.R. submitted that both the assessees are related to each other and their cases were earlier handled by a Chartered Accountant named Shri Muralidhara. These appellants had given the orders of Ld. CIT(A) to the above said CA with a request to file appeals before the Tribunal. The assessees were under the bonafide belief that the appeals would have been filed in time.....
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....ir authorized representative. It is further stated that the assessees were under bonafide belief that their earlier Chartered Accountant would have filed appeal in time. But it came to their notice later that the appeals have not been filed and by that time the due date for filing appeals has elapsed. It is stated that the earlier Chartered Accountant has expired and hence they could not get any letter from him in support of their averments. Before me, the Ld. A.R. placed reliance on the decision rendered by Hon'ble Supreme Court in the case of Concord of India Insurance Company Ltd. Vs. Smt. Nirmala Devi, wherein it was held that a legal advice tendered by a professional and the litigant acting upon it one way or the other could be a suffi....
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....ary issue urged in both the appeals relate to assessment of longterm capital gain arising on sale of shares as income of the assessee rejecting the claim of long term capital gain. 6. The assessee Shri Sanjiv Bhutra had purchased 6000 shares of Cresanda Sales Ltd. (earlier known as M/s Smartchamps IT and infra Limited) for a sum of Rs. 60,000/- on 17.11.2011 and sold the same on 4.4.2013 for Rs. 24,52,044/-, which resulted in capital gain of Rs. 23.80 lakhs. Since, it was long term capital gains, the assessee claimed the same as exempt. 7. The assessee Shri Rajiv Kumar Bhutra had purchased 2000 shares of NCL Research & Financial Services Ltd. for Rs. 5,38,225/- and sold the same on 24.5.2013 for a sum of Rs. 34,04,874/-, resulting in gain....