TaxTMI 
TaxTMI 
2026 (2) TMI 1440
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....e Registry has informed that the appeal is barred by limitation by 12 days. However, the assessee has filed a petition for condonation of delay of 11 days explaining the reasons that the memorandum of appeal along with the required documents were given to the tax consultant who could not file the appeal in time due to the illness of the tax consultant's father and the assessee has prayed for condonation of the said delay. After perusing the same, we are satisfied that the assessee had a reasonable and sufficient cause and was prevented from filing the instant appeal within the statutory time limit. We, therefore, condone the delay and admit the appeal for adjudication. 2. The assessee is in appeal before the Tribunal raising the followin....
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....of the Act on 08.10.2018 in which certain documents were found but the assessment order u/s 153A of the Act dated 21.07.2021 was made at the total income of Rs.39,59,000/-. The assessee company was primarily engaged in the business of real estate activities. In the order u/s 153A of the Act dated 21.07.2021 as per para 8.1.2 and 9, a sum of Rs.39,59,000/- was added u/s 68 of the Act. The relevant extract from the order of the Assessing Officer (hereinafter referred to as Ld. 'AO') is as under: "8.1.2. The key person of the group, Heeralal Jaiswal, in his statements recorded post Search Operation on 06.12.2018 and 21.01.2019 also affirmed that same of infusion of unaccounted income of Rs. 43,99,55,103/-. But the ass....
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....act from the order of the Ld. Pr. CIT is as under: "2. On examining the return of income and other documents it has been observed that JHV Construction Company Private Limited has received loan of Rs.72,78,469/- from Welcome Distilleries Private Limited. 3. Further, it is observed from the return of income of the company and the return of income of Welcome Distilleries Private Limited that Shri Heera Lal Jaiswal was holding 95.93% share of JHV Construction Company Private Limited and 87.32% share capital of Welcome Distilleries Private Limited during the year under consideration. Thus it is clear that the Shri Heera Lal Jaiswal had substantial interest in both the entities i.e. Welcome Distilleries Private Limited & JHV Co....
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....e, wherein Shri Heera Lal Jaiswal being a substantial shareholder as defined supra, falls under the purview of dividend as per the provisions of section 2(22)(e) of the Act." 3.2 Since the Ld. AO did not enquire and verify the issue referred in the order of the Ld. Pr. CIT, the assessment order u/s 153A of the Act dated 21.07.2021 was considered to be erroneous insofar as it was prejudicial to the interests of the Revenue in terms of clause (a) of Explanation-2 to section 263 of the Act as amended and inserted with effect from 01.06.2015. Accordingly, after considering the submission of the assessee, the order u/s 153A of the Act was set aside and the Ld. AO was directed to make necessary verification and pass a fresh assessment order af....
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....63 of the Act with effect from 01/06/2015 for exercising revisionary power under section 263 of the act. He has relied upon the decisions in Thalibai F. Jain v. ITO 101 ITR 1, 6 (Karn), Malabar Industrial Co. Pvt. Ltd. v. CIT (2000) 243 ITR 83, 87-88 (SC), Rampyari Devi Saraogi v. CIT [1968] 67 ITR 84 & Smt. Tara Devi Aggarwal v. CIT [1973] 88 ITR 323 (SC), Gee Vee Enterprise v. Addl. CIT [1975] 99 ITR 375 (Del) and the decision of the Hon'ble Supreme Court in the case of CIT v. Shree Manjunathesware Packing Products & Camphor Works [1998] 231 ITR 53/96 Taxman 1 and has set aside the order of the directions. The Ld. DR relied upon the order of the Ld. Pr. CIT(Central) and requested that the same may be upheld. 8. We have considered t....