TaxTMI 
TaxTMI 
2026 (2) TMI 865
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.... however, in brief, his grievance revolves around two issues, namely ; a) The ld.CIT (Appeals) has erred in setting aside the assessment order for passing a denovo assessment order by exercising the powers under 1st proviso to Section 251(1)(a) of the Income Tax Act without adjudicating the legal issues vide which assessee has challenged re-opening of assessment. b) In second fold of grievance, he pleaded that ld.CIT (Appeals) has erred in not adjudicating the issue, whether assessee has advanced loan of Rs. One Crore to M/s C.J. Solutions Pvt. Ltd. 3. The Registry has pointed out that appeal is time barred by 40 days. Assessee has filed an application for condonation of delay and annexed an affidavit alongwith the appl....
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....using to condone delay can result in a meritorious matter being thrown out at the very threshold and cause of justice being defeated. As against this when delay is condoned the highest that can happen is that a cause would be decided on merits after hearing the parties. 3. "Every day's delay must be explained" does not mean that a pedantic approach should be made. Why not every hour's delay, every second's delay? The doctrine must be applied in a rational common sense pragmatic manner. 4. When substantial justice and technical considerations are pitted against each other, cause of substantial justice deserves to be preferred for the other side cannot claim to have vested right in injustice being done because of a n....
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....itium (it is for the general welfare that a period be putt to litigation). Rules of limitation are not meant to destroy the right of the parties. They are meant to see that parties do not resort to dilatory tactics but seek their remedy promptly. The idea is that every legal remedy must be kept alive for a legislatively fixed period of time. A court knows that refusal to condone delay would result foreclosing a suitor from putting forth his cause. There is no presumption that delay in approaching the court is always deliberate. This Court has held that the words "sufficient cause" under Section 5 of the Limitation Act should receive a liberal construction so as to advance substantial justice vide Shakuntala Devi lain Vs. Kuntal Kumari [AIR ....
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....e case are that assessee has filed his return of income u/s 139 of the Act on 05.08.2013 declaring total income of Rs.3,84,310/-. This return was processed u/s 143(1) of the Act. Thereafter, AO has issued a notice u/s 148 on 31.03.2021. The AO was of the view that assessee has given unsecured loan amounting to Rs.One Crore to M/s C.J. Solutions Pvt. Ltd. which is disproportionate with the income declared by the assessee, therefore, source of this loan deserves to be examined. The AO has passed an ex-parte assessment order. The ld.CIT (Appeals), by exercising powers u/s 251(a) set aside the impugned order and directed the AO to decide the issues on merit. 9. The ld. counsel for the assessee, at the very out set submitted that there was no....
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....as reasons to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of Section 148 to 153, assess or re-assess such income and also any other income chargeable to tax which has escaped assessment which comes to his notice subsequently in the course of re-assessment proceedings. Thus, there should be a live nexus between the information possessed by the AO vis-à-vis formation of belief that income has escaped assessment. What AO has done in the present case is that instead of collecting the complete bank statement, which may exhibit that assessee has advanced a loan of Rs.One Crore to M/s C.J. Solutions Pvt. Ltd., he only analyzed the information available on the Po....