TaxTMI 
TaxTMI 
2026 (6) TMI 236
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....section 253(1) of the Income Tax Act, 1961, on 05.03.2026 vide ITA No. 332/SRT/2025, against the order of the Commissioner (Appeals) relating to A.Y. 2010-11, made on 28.09.2024, which was uploaded on the Income Tax e-filing portal under e-proceedings. Though this appeal should have been filed in the office of the Tribunal on or before sixty days from the date of communication of the order, but it could not be filed in time because I am aged about 63 years. I am not aware with online Income Tax proceedings or the use of the internet and email. I am also suffering of health issue. I had filed the appeal through my consultant, who prepared the Appeal Form and mentioned the email ID: [email protected] in Column No.17 of Form No.35. However, the hearing notices u/s. 250 of the Income Tax Act were issued to a different email ID, and the order may also have been served on those email IDs. Hence, I could not respond to the hearing notices or take immediate steps to file an appeal against the order within the prescribed time. I was completely unaware of the order passed by the Learned CIT(A), NFAC, Delhi. When I visited my AR office, he checked the e-filing portal and found that....
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.... Ut Sit Finis Litium" that litigation must borne; to an end in the interest of society as a whole, and "vigilantibus non dormientibus Jura Subveniunt" that the law assists those that are vigilant with their rights, and not those that sleep thereupon. The law of limitation in India identifies the need for limiting litigation by striking a balance between the interests of the state and the litigant. The Single Judge bench of the Hon'ble Madras HC, while exercising writ jurisdiction in Kathiravan Pipes Pvt. Ltd., v. CESTAT, 2007 [5] SIR 9 (Mad.) has observed that the period of limitation prescribed is not for destruction of a statutory right but only to give finality without protracting the matter endlessly. In the case of Senior Bhosale Estate (HUF) Vs Assistant Commissioner of Income Tax, the Hon'ble Apex Court allowed the condonation of delay in filing the concerned appeal pronouncing the principles behind condoning the delay in filing appeals before the Courts by applying section 5 of the Limitation Act, 1963. The Hon'ble Apex Court is of the view that the law of limitation is founded on public policy. The idea behind the law of limitation is not destroy the rights of ....
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....56,705/-. The assessing officer asked to provide the source of income during the assessment proceedings. The assessee had stated that he declared his income u/s 44AD of Income Tax Act with net profit of Rs. 1,08,205/-, @5% of the total gross receipt of Rs. 21,64,100/-. Further, the assessee had stated that he had salary income of Rs. 1,48,500/- from V.B Crimper. In response to notice of the assessing officer, the assessee submitted the following reply: "With regards to above-referred matter, I am enclosing herewith acknowledgment of return of income and computation of income for the A.Y.2010-11." In response to further notice of the assessing officer, the assessee submitted the following reply, on 09.05.2017, along with computation of income and bank statement. In the reply, the assessee has stated as follows: "1. Regarding the business activity, I have to state that I carried out sale and purchase of agriculture products during the year under consideration; however in the original return of income, it is missed to be shown and hence the same is reflected in the return of income filed in response to Notice u/s 148 of the Income-tax Act, 1961. I usually purchase....
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....ion." 10. However, the assessing officer rejected the above replies of the assessee and held that on verification of the assessee's account, it was found that the assessee had total deposit of Rs. 22,62,218/- in his bank account maintained with ICICI Bank. Further, there is credit of interest of Rs. 1,069/- in his account. The assessee had failed to substantiate the source of income during the assessment proceedings. Therefore, the assessing officer treated the amount of Rs. 22,62,218/- as unexplained income of the assessee and Rs. 1,069/- as interest income. Therefore, the assessing officer passed the reassessment order u/s 147 r.w.s 143(3) of the Income Tax Act dated 26.12.2017 by making total addition of Rs. 22,63,287/-,( Rs. 22,62,218+ Rs. 1,069). 11. Aggrieved by the order of the assessing officer, the assessee carried the matter in appeal before the Ld.CIT(A), who has confirmed the action of the assessing officer. The ld.CIT(A) noticed that the assessee has not submitted any documentary evidences during the appellate proceedings to substantiate his claim. In absence of any documentary evidences, the assessee's claims have remained unverified. Accordingly, ld.CIT....
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.... out of his retail business on which assessee has declared the profit and paid the taxes. Therefore, cash deposited in the bank account had already been suffered tax. Hence, no further tax should be imposed in the hands of the assessee. That is, the assessee has deposited cash in the bank account out of gross receipts from his retail business of fruits and vegetables and the assessee during the assessment proceedings, submitted necessary documents, to prove these facts. In respect of purchase of fruits form farmers, the assessee does not maintain books of account, as the assessee is very small trader. Hence, considering the small turnover of the assessee, which was deposited in the bank account and on which the assessee had offered 5% net profit, therefore further tax should not be imposed to the assessee. For this, I place reliance on the judgement of the Hon'ble High Court of Gujarat in the case CIT v. Pradeep Shantilal Patel [2014] 42 taxmann.com 2, wherein it was held as follows: "6. Heard Shri Sudhir Mehta, learned counsel appearing for the assessee and perused and considered the impugned judgment and order passed by the learned ITAT as well as learned CIT(A) and we h....
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..../cheques to be cleared and the bank balance is a meager amount not exceeding Rs. 1,000/- (except in couple of instances). The manner of carrying out both credit and debit transactions clearly indicate that payments have been made to the different parties out of cash deposited which is claimed by the assessee from the sale proceeds In this view of the matter, sales (credit) will precede the purchases (debit) in the bank account. The contention of the assessee is that the cash deposits have been made out of sale proceeds of retail trade and purchasers have been paid out of it at a later date. It after all depends upon the terms and conditions of the sale between the two parties. The assessee has rightly contended that the payment for the purchase could be at later date but the goods cannot be delivered or sold without making its purchases unless it is a forward transaction. The payment for the purchases may precede the sale or subsequent to it depending upon the terms and conditions between the concerned parties. Therefore in the present case the contention of the assessee that the transactions in this bank a/c pertain to his business deserves to be accepted but still there would be ....