2022 (7) TMI 1270

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.... that the appellant would be entitled to the benefit of the order passed by the Hon'ble Supreme Court by which the period of limitation in filing the appeal under various statutes was extended by the Hon'ble Supreme Court. For such reason the delay in filing the appeal is condoned. The application for condonation of delay is allowed. ITAT/111/2022 : This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 (the 'Act' for brevity) is directed against the order dated 21st February, 2020 passed by the Income Tax Appellate Tribunal, Kolkata, "B" Bench, Kolkata in ITA No.2067/Kol/2017 for the assessment years 2007-08. The appellant/assessee has raised the following substantial question of law for consideration: ....

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...., learned Advocate appearing for the appellant/assessee and Mr. Tilak Mitra, learned standing counsel appearing for the respondent/revenue. The assessment for the year under consideration, A.Y. 2007-08 was completed under Section 143(3) of the Act by order dated 31st December, 2009. The first issue which was taken up for consideration by the assessing officer was with regard to the sundry creditors. Explanation was called for from the assessee which was furnished and the assessing officer partially accepted the explanation and in respect of certain other parties, he came to the conclusion that the explanation offered by the assessee was not satisfactory as there was no evidence and, accordingly, the transaction was held to be bogus and t....

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....A). Only two issues were canvassed by the assessee before the first appellate authority namely, with regard to sundry creditors and alleged inflated sundry liabilities. The CIT(A) considered the submission and partly allowed the appeal. The assessee being aggrieved by such order, had preferred an appeal before the tribunal and the revenue also preferred appeal before the tribunal as against that portion of the order passed by CIT(A) which went in favour of the assessee. From the order passed by the tribunal, we find that the assessee was not represented. Mr. Ghosh, learned Advocate appearing for the appellant/assessee would submit that notice of hearing of the appeal was not served on the assessee. However, we find there is nothing to....