2024 (12) TMI 309

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....nce the assessee had not filed the return of income, the Assessing Officer (AO) issued notice under section 142(1) of the Income Tax Act, 1961 (hereinafter called "the Act'), requiring the assessee to file the return of income for the year under consideration. However, the assessee neither responded to the notice nor filed any return under section 139 of the Act. Thereafter, on the basis of data available with the Income Tax Department, the AO noticed that the assessee had made cash deposits to the tune of Rs. 41,52,801/- in the bank account of Royal Associates (a proprietary concern of the assessee) with Vijaya Bank, Basti during the demonetization period. The AO also noticed that the assessee had paid Rs. 4,05,39,214/- to Bharti Airtel Li....

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.... appeal and/or for raising fresh grounds of appeal. 6. The Ld. Authorized Representative for the assessee (Ld. A.R.) submitted that there was a delay of 377 days in filing the appeal before the Tribunal. He submitted that the assessee had filed an application dated 07.10.2024 for condonation of delay, duly supported by an Affidavit of the Advocate, stating therein that the ld. CIT(A)'s order along with relevant documents and appeal fee were handed over by the assessee to Shri Manmohan Srivastava, Advocate on 28.07.2023 for filing the appeal before the Tribunal, however, he failed to file the appeal before the Tribunal within the prescribed time limit. It was further submitted that the delay in filing of the appeal was caused on account of ....

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....parable cases were concerned. He prayed that at best, the appeal of the assessee can be restored to the AO for the purposes of fresh determination of taxable income. 11. I have heard both the parties and have also carefully considered the material on record. It is true that the assessee had neither filed his return of income in terms of section 139(1) of the Act nor had produced/uploaded the Audited Balance Sheet and Profit and Loss Account within the prescribed time limit or even before the NFAC. Therefore, the claim of the assessee that the net profit rate @ 0.59% was the actual profit earned by the assessee during the year under consideration is not verifiable. I have also considered the prayer of the Ld. A.R. that direction may be give....