TaxTMI 
TaxTMI 
2021 (8) TMI 213
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....fidavit for condonation of delay, wherein he has submitted reasons as under: "2. Your Petitioner on receipt of the aforesaid order on 30/3/2019 approached her auditor who advised that the matter being set aside, proper explanations can be rendered before the Assessing Officer with the aid of Collaborative proof already in department's record. 3. In view of the advice given, your Petitioner did not pursue the matter so as to await the opportunity before the Assessing Officer in set aside proceedings. 4. The Assessing Officer took up the reassessment and without verifying the endorsement on the registered land document as to whether any excess stamp duty was collected, obtained information on alleged guideline value unilaterally fro....
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....onable and genuine, the delay in filing the appeal may kindly be condoned and the appeal be admitted on record for disposal on merits of the case. 9. There is a delay of 250 days in filing the appeal which ought to have been filed on or before 30/5/2019, considering the date of receipt of order on 31/3/2019. 10. An affidavit in support of the delay in filing the appeal is enclosed along with this petition. 11.The Hon'ble ITAT may be pleased to condone the delay of 2-52)days in filing the appeal against order under section 263 dated 22/3/2019, by admitting the appeal on record and disposing the case on merits of the issues involved." 3. From the above, it is clear that there is a delay in filing of the appeal on the basis of wrong....
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....ions of s.43CA of the Act will not apply. 6. The second ground is that the assessee has claimed exemption u/s. 54 of the Act at Rs. 85,10,946/- by showing investment of Rs. 1,37,61,744/- on flat in M/s. Metrozone Project P. Ltd. The A.O has noted that the ledger account of M/s. Metrozone Project P. Ltd. shows that a sum of Rs. 1,09,47,655/- have been paid towards the flat and sale agreement dated 30.10.2012 shows that the flat has been jointly allotted. The A.O ought to have considered only 50% of investment amount as recorded in the ledger for deduction u/s. 54F of the Act. The excess exemption allowed u/s. 54F of the Act has rendered the assessment is erroneous and prejudicial to the interests of revenue. On this ground, the assessee ha....