TaxTMI 
TaxTMI 
2025 (6) TMI 232
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....isfied with the reasons mentioned in the condonation application duly supported by an affidavit that the assessee was prevented by reasonable cause for not filing the appeal within time. After hearing Ld. DR, we condone the delay and proceed to adjudicate the appeal. 3. The Assessee has raised the following grounds of appeal :- "1. On the facts and circumstances of the case and in Law the Ld. CIT(A) erred in not condoning the Delay in filing the appeal though there was reasonable cause for the delay. 2. On the facts and circumstances of the case and in law the Ld. CIT(A) erred in denying the benefit of section 11 of the Income Tax Act, 1961 on incorrect appreciation of facts The appellant craves leave to add to....
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....4,93,373/- (50.15% of income received) which was more than 15% of the application of income. Therefore, the appellant violated the provisions of section 11(1)(i) and Section 11(1)(ii) of the Act. Therefore, even on merits, the claim of the appellant cannot be allowed." 6. It is the above order against which the assessee is in appeal before this Tribunal. 7. We have heard Ld. counsels from both the sides and perused the material available on record including the legal compilation furnished by the assessee. In this regard, we find that the DCIT (CPC) has passed an order u/s 143(1) of the IT Act for A.Y. 2011-12 in the case of the assessee. Assessee had filed appeal before the Ld. CIT(A)/NFAC against the said order. There was a delay in ....
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....AGGREGATE INCOME 52,36,316 52,36,320 TAX ON INCOME AT NORMAL RATES 0 15,70,896 NET TAX PAYABLE 0 15,70,896 EDU CESS+SECONDARY & HIGHER EDU CESS 0 47,127 GROSS TAX LIABILITY BEFORE TAX RELIEF 0 16,18,023 NET TAX LIABILITY 0 16,18,023 234B INTEREST 0 1,61,800 234C INTEREST 0 59,866 TOTAL INTEREST LIABILITY 0 2,21,666 AGGREGATE INCOME TAX LIABILITY 0 18,39,689 NET AMOUNT PAYABLE 0 18,39,689 8. Thus, from the perusal of above chart it appears that the Aggregate Income as per Tax Payer & as per order u/s 143(1) is same i.e. Rs. 52,36,320/-. 9. It is apparent from the order u/s 143(1) that assessee had not claimed any exemption u/s 11 of the Act ....
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....missions and perused the material on record. We find that the appellant had filed the return of income in Form No.5. However, no documents were filed along with the return of income justifying the claim for exemption u/s 11 of the Act. It is only after receipt of intimation, the appellant took a plea that its income was exempt u/s 11 by virtue of registration u/s 12A of the Act. Even the audit report was admittedly not filed along with the petition u/s 154 or before the NFAC. The CPC while processing the return of income u/s 143(1) can take into consideration only the return of income an accompanied document, when the appellant had filed the return of income in Form No.5, the natural inference to be drawn is that the assessee is a partnersh....