2025 (5) TMI 743

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....ed by 192 days. In the petition of condonation of delay it has been stated that assessee's company was in liquidation and has stopped its business since 1988 and office of the assessee was closed and there was no employee. Assessee had appointed one tax practitioner Mr. Bhavin Kanakiya to look after its tax related matters and the concerned person looking after the company matter himself was a very aged person having no knowledge or expertise in the tax appeal matters. The assessee could not file the appeal in time due to lack of any information or knowledge about the service of the first appellate order which has been passed exparte and the same was posted in the income tax portal. It was when assessee was served with the show-cause notice....

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.... as assessee could not appear. 5. After hearing both the parties and on perusal of the material furnished before us, it is seen that the company had earlier taken a loan of Rs. 2,60,00,000/- from SICOM Ltd., a Government undertaking. Due to enormous losses, Assessee Company was declared sick and was refer to BIFR. Since the company could not pay the secured loan amount to SICOM, then in the scheme of rehabilitation, SICOM Ltd., assigned the financial asset, that is, the loan availed by the assessee company for Rs. 2,60,00,000/- in favour of Radhe Rhea Financial Advisors Ltd. on 02/09/2013 and Assignment Deed was signed with the Registrar office at Andheri and stamp duty of Rs. 31,840/- was paid. The Assignment Agreement has been filed befo....