TaxTMI 
TaxTMI 
2025 (6) TMI 1477
X X X X Extracts X X X X
X X X X Extracts X X X X
....,490/- under section 271(1)(c) against concealment of Income Which is most Arbitrary and unjustified. 2. The Appellant craves to Leave, Add, Amend, any of The Grounds of Appeal." 3. The brief facts of the case are that the assessee company engaged in business of providing loan against share to clients and funds arranged by refinance from other NBFC. The return of income was filed by declaring loss amount to Rs. 11,86,42,780/- under normal provisions and book profit loss of Rs. 16,47,38,264/- u/s. 115JB of the Act, was filed by the appellant for impugned assessment year. The assessment was completed u/s. 143(3) of the Act on dated 02.12.2016. During the assessment proceeding the Ld.AO found that the assessee company had reduced Rs. 4,55,72,663/- from the taxable income on the ground that aforesaid amount represent interest on debenture written of and this amount was added to taxable income in computation of income u/s. 40(a) of the Act in earlier assessment year. On verification, it was found that the assessee had added back interest amount to Rs. 2,78,83,738/- only during earlier assessment years. After these observations the assessee filed a rectified computation durin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aware that the penalty order had already been finalized and that the statutory timeline for filing an appeal had lapsed. The delay of approximately 1175 days in filing the appeal was entirely unintentional and arose from bona fide circumstances beyond our control. There was no malafide intent to disregard statutory timelines, and the delay was caused by genuine challenges faced during an unprecedented period. An application has been filed requesting this Hon'ble Tribunal to kindly condone the delay in filing the appeal and admit it for adjudication in the interest of justice and equity. I solemnly affirm that the statements made above are true and correct to the best of my knowledge and belief, and nothing material has been concealed herein." 5. Considering the above, the Ld. DR raised an objection regarding the inordinate delay on the part of the assessee. However, the delay has been satisfactorily explained, and we are of the view that sufficient cause has been demonstrated for its condonation. Accordingly, the delay of 1175 days is hereby condoned, and the matter is taken up for adjudication on merits. 6. Ld. AR argued and stated that, the as....
X X X X Extracts X X X X
X X X X Extracts X X X X
....essee, as the assessee has been incurring losses from earlier as well as in prior years. A year-wise statement of income and loss has been placed on record in support. The details chart in tabular form is reproduced as below: - "Chart showing returned income and position of carry forward losses for AY 2014-15 to 2022-23. Asst Year Date of filing returned Income/(Loss) B/f losses Loss adjusted C/f Losses 2014-15 29/9/2014 (118,642,780) (859,362) - (119,502,142) 2015-16 31/3/2017 (649,295) (119,502,142) - (120,151,437) 2016-17 6/4/2017 (11,139,891) (120,151,437) - (131,291,328) 2017-18 2/11/2017 (12,933) (131,291,328) - (131,304,261) 2018-19 11/10/2018 3,574,764 (131,304,261) 3,574,764 (127,729,497) 2019-20 24/4/2023 (2,046,253) (127,729,497) - (129,775,750) 2020-21 6/1/2021 5,857,390 (129,775,750) 5,857,390 (123,918,360) 2021-22 29/12/2021 12,475,045 (123,918,360) 12,475,045 (111,443,315) 2022-23 1/11/2022 12,010,195 (111,443,315) 12,010,195 (99,433,120) From the above chart it is very....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ation of concealment would be where the assessee does not disclose or fully disclose in the return the income derived by him which would fall under a particular head, e.g., Income from other sources, while disclosing his income falling under other heads of income prescribed by section 14. To the extent he does not disclose that income; he conceals the particulars of income. The obligation is not only to disclose particulars of income but to disclose them correctly and completely. If while disclosing the particulars of income in the return he puts them under a wrong head, he can be said to be furnishing inaccurate particulars of income. The particulars of income can be made inaccurate in a variety of ways, a glaring illustration of which would be where the assessee while stating the income under a particular head, works out the income chargeable to tax after making deductions which are falsely made. Such a process would make the particulars of income inaccurate. In all such cases, whether the income is not disclosed against the constituent item of the return in which it falls or is partly not disclosed, or the particulars of income given in the return are incorrectly stated by any m....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ounds of appeal is Dismissed." 9. We have heard the rival submissions and perused the material available on record. It is observed that during the course of assessment proceedings, the assessee suomotu disallowed the impugned expenditure and accepted an addition of Rs. 1,76,88,923/-. However, no revised return was filed by the assessee. It is evident that had the case not been selected for scrutiny, the said disallowance would not have come to light, and the assessee would have availed the benefit of such deduction in contravention of the provisions of law. On the other hand, the assessee contends that the said error was inadvertent and a bona fide mistake, and reliance is placed on the decision of the Hon'ble Supreme Court in the case of Price Waterhouse Coopers Pvt. Ltd. (supra). In support, the Ld. AR has filed additional evidence to demonstrate that no tax advantage accrued to the assessee as the entity had incurred business losses. It is submitted that the assessee has been continuously incurring losses, and the disallowance in question did not result in any tax benefit. In this context, reliance is also placed on the decision of the Hon'ble Jurisdictional High Court in ....