TaxTMI 
TaxTMI 
2025 (11) TMI 1752
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....l is time barred by 69 days. In this regard, the assessee has filed condonation petition a/w. affidavit explaining the reasons leading to the said delay. That as evident from the contents of the said application, the assessee has stated through its director that since he was suffering from high fever and Jaundice, therefore, he was unaware of the ex-parte order of the Ld. CIT(Appeals). The Ld. Counsel in support of his aforesaid contention has placed on record medical certificates. 3. On careful perusal of the contents of the affidavit and condonation petition a/w. medical certificates, it is discernible that the assessee was prevented by reasons beyond its control to comply with the period of limitation regarding filing of appeal before....
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....ct of case of land acquisition has observed and held on the aspect of delay that although the delay cannot be condoned without sufficient cause, the merits of the case could not be discarded solely on the ground of delay. A liberal approach, therefore, should be taken in condoning the delay when limitation ground undermines the merits of the case and obstructs the substantial justice. In other words, the objective of the court should be to deliver substantial justice coupled with liberal and judicious approach while deciding the issue of limitation and whenever it is found that the case has merits which needs to be addressed substantially, in such case, the delay should be condoned. Considering the entire facts on record and ratio-deciendi ....
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.... deposits is Rs. 250 lacs which was raised through share application money from share subscriber during A.Y.2014-15 and subsequently deposited the same during the year under consideration i.e. A.Y.2017-18. In this regard, the revenue has not disputed that the assessee is a registered company and listed in the Stock Exchange. It was not disputed by the department regarding money raised by the assessee through share application money. For a company keeping Rs. 50 lacs for three years is not something unusual since it is engaged in the business of real estate and construction activities where such amount is considered a meagre amount so far as the corporate assessee is concerned. That for the regular functioning of the business also, the cash ....
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....d the turnover of the assessee and also has accepted the business module conducted by the assessee. Books of accounts of the assessee has also been accepted by the department. When all these parameters have been fulfilled by the assessee, there cannot be any addition u/s.69A of the Act treating the cash deposits in the bank account as unexplained money of the assessee. In view thereof, I set-aside the order of the Ld. CIT(Appeals)/NFAC and direct the A.O to delete the addition of Rs. 17,61,000/- from the hands of the assessee. 5. As per the above terms, the grounds of appeal raised by the assessee are allowed. 6. In the result, appeal of the assessee is allowed." 8. Also, I find that ITAT, "SMC" Bench, Raipur in the cas....
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.... cash deposits of Rs. 33 lacs (supra) were sourced out of opening CIH of Rs. 52.47 lacs (supra) on 01.04.2016 for the reason that there was a substantial time gap between the date of availability of cash with the assessee i.e. 01.04.2016 and deposit of the same in its bank account in the month of November 2016. Also, the AO had observed that the fact that the assessee firm had made the cash deposits in four tranches i.e. on 13.11.2016, 15.11.2016, 16.11.2016, and 16.11.2016 did not inspire much confidence as regards the veracity of the aforesaid explanation of the assessee. Considering the fact that the cash deposits in the bank account were made by the assessee firm after a long interval and were made during the demonetization period, the ....
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.... the source of cash deposits of Rs. 33 lacs (supra) in the assessee's bank account during the year under consideration. Although the return of income of the assessee firm for the immediately preceding year, i.e A.Y 2016-17 was not filed within the stipulated time period but the same being a belated return of income that was validly filed under sub-section (4) of Section 139 of the Act cannot be brushed aside. As the department has neither drawn any adverse inference as regards the claim of the assessee firm that it had C.I.H of Rs. 52.47 lacs (supra) available with it on 31.03.2016 nor initiated any proceedings to scrutinize much the less dislodge the same, therefore, the only logical inference that can be drawn is that it had accepted the ....