TaxTMI 
TaxTMI 
2022 (6) TMI 409
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....ring, the Ld.Counsel for the assessee submitted that appeal filed by the assessee is time barred by 486 days, for which, a petition for condonation of delay in filing of the appeal along with Affidavit has been filed and explained the reasons for filing delay in appeal. The assessee further submitted that the delay of 486 days in filing of the appeal is neither intentional nor to derive any undue benefit, but beyond the control of the assessee, because, the assessee was under wrong understanding of law that there is no need to file appeal against revision order passed by the PCIT, when law provides for challenging consequential order passed by the AO u/s.143(3) r.w.s.263 of the Act. However, when the assessee has approached Mr.T.Banusekar, ....
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.... does not file appeal against any order or decree means, there must be a wrong understanding of law or wrong advice of Counsel who handled the case, otherwise, no person would happily pay taxes when the authorities have imposed taxes on certain income. In this case, on perusal of details available on record, we find that the assessee himself had represented his case before the PCIT through his Accountant, but not through a professional who is well-versed with taxation laws. We, therefore, to this extent agree with arguments of the assessee. No doubt, ignorance of law is not an excuse, but it cannot be expected from each person, to know laws of this country, more particularly complex laws like Income Tax Act. Moreover, the issue involved in ....
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....ion of provisions of Sec.269SS of the Act, amounting to Rs.27,70,000/- for accepting loans and advances in cash excess of prescribed limit. The case has been, subsequently taken up for revision proceedings u/s.263 of the Act, and after considering relevant submissions of the assessee, the PCIT has set aside the assessment order by passed the AO u/s.143(3) of the Act, and direct the AO to verify the unsecured loans taken from friends and relatives in light of provisions of Sec.68 of the Act. 6. The Ld.AR for the assessee referring to order passed by the AO u/s.143(3) of the Act, and revision order passed by the PCIT u/s.263 of the Act, submitted that, the assessment order passed by the AO, is neither erroneous nor prejudice to the interes....
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.... the Revenue. 8. We have heard both the parties, perused the materials available on record and gone through orders of the authorities below. Admittedly, the PCIT had exercised the jurisdiction on the issue of unsecured loans taken from friends and relatives, amounting to Rs.27,70,000/- and directed the AO to examine the loans to ascertain identity, genuineness of the transactions and creditworthiness of the parties. It is also an admitted fact that those unsecured loans taken from friends and relatives were subject matter of deliberations from the AO, during the course of assessment proceedings, u/s.143(3) of the Act, which is evident from the fact that those loans have been considered by the AO in light of provisions of Sec.269SS of the....