2026 (7) TMI 1895

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....A/NFAC/S/250/2024-25/107064072(1)), which in turn has arisen from penalty order dated 26.06.2019 passed by the learned Assessing Officer u/s 271(1)(c) of the 1961 Act. 2. At the outset, it is observed that this appeal is filed by the assessee with the Tribunal belatedly by around 349 days beyond the time stipulated under Section 253(3) of the Act. The assessee has duly filed application for condonation of delay, praying for condoning the delay in filing this appeal belatedly beyond the time prescribed u/s 253(3) of the 1961 Act. It is prayed that the ld. CIT(A) has vide appellate orders dated 26.11.2024 against quantum assessment has set aside and remanded the matter to the ld. AO for denovo assessment, in exercise of his powers u/s 251(....

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....lty levied by the AO and as adjudicated by ld. CIT(A) order. It was submitted by ld. Counsel for the assessee that the assessee was pursuing alternate legal remedy of resolving her dispute under VSVS, 2024 scheme bonafidely, which led to delay in filing appeal with ITAT. Thus, it was prayed that delay in filing this appeal belatedly with ITAT by 349 days, be condoned. The ld. Sr. DR objected to condoning the aforesaid delay, but fairly left the matter for the Bench to decide. After hearing both the parties and perusing the material on record, We hereby condone the delay of 349 days in filing this appeal belatedly by the assessee beyond the time prescribed under Section 253(3) of the Act, and proceed to adjudicate this appeal on merits in ac....

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....ne of Rs. 20,94,355/-, of which sources remained unexplained by the assessee. There were further additions to the tune of Rs. 5,00,000/- made by the AO to the income of the assessee being estimation of business income for the previous year relevant to the impugned assessment year. This led to invocation by the AO of penalty proceedings u/s 271(1)(c) against the assessee, which culminated into penalty order dated 26.06.2019 passed by the AO, wherein the AO imposed penalty of Rs. 6,48,187/- against the assessee. Aggrieved by quantum assessment, the assessee filed first appeal with ld. CIT(A), and in exercise of powers u/s 251(1)(a) of the 1961 Act, the ld. CIT(A) remitted the matter back to the file of the AO for denovo assessment. The assess....