2023 (2) TMI 199

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....short the "Act") by ld. Commissioner of Income-tax (Appeals)-20, Kolkata [in short ld. "CIT(A)"] dated 18.02.2021. 2. Registry has informed that the appeals are time barred by 493 days. Condonation applications have been filed by the Revenue. After perusing the same, we find force in the reasons mentioned therein and are satisfied that the Revenue was prevented for reasonable cause (COVID -19 restrictions) in filing the instant appeals within statutory time limit. We, therefore, condone the delay and admit the appeals for adjudication. 3. The Revenue has raised following common grounds of appeal: "1. Whether on facts of the case and in law, Ld. CIT(A) has erred in allowing assessee's appeal on account of the hon'ble ITAT sett....

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.... action u/s. 132(1) of the Income-tax Act was conducted at various business premises of Rupa and Company Ltd. and other concerns and Individuals associated with this group on 07th November, 2013. Assessee belongs to this group. Subsequent to search, assessment order u/s.143(3) was passed on 22.03.2016. accepting the returned Income. However, Subsequently, it was noticed that assessee had earned long term capital-gain of Rs.99,99,900/- on sale of-paintings, against which deduction has been claimed u/s.54EC. Assessee had made investments in long term specified assets in two installments. Rs.50,00,000/- was invested in the long term specified assets in 2013 and second investment of Rs.50,00,000/- was made in April, 2014. Ld. Pr.CIT(C)-1, Kolka....

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....018 5. Mridul Agarwal ACJPA0439J 2014-15 1181/Kol/2018 6. Suresh Agarwal ADAPA9705H 2014-15 1182/Kol/2018 7. Shalini Agarwal ALAPS8142E 2014-15 1183/Kol/2018 8. Puja Agarwal AFTPA3723Q 2014-15 1184/Kol/2018 9. Seema Agarwal ACZPA0987D 2014-15 1185/Kol/2018 In response to notice for hearing, the AR of the assessee has submitted the copy of the ITAT order dated 28.02.2020 and pointed out that the Hon'ble ITAT vide its order dated 28.02.2020 has quashed the order passed u/s.263 by Ld. Pr.CIT(C)-1, Kolkata. Hence, consequential order passed by the AO u/s.143(3) read with sec. 263 has become infructuous. I have carefully considered the facts....