2026 (8) TMI 1660

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....e Act, dated 25.06.2017. 2. There was a delay of 65 days in filing of the appeal before this Tribunal. The assessee filed an affidavit explaining the reasons for delay. We have perused the affidavit and convinced that there was sufficient cause for delay. Substantial justice is more important than procedural delay. No assessee is going to gain by filing the appeal belatedly. Accordingly, delay condoned. Brief Facts : 3. In this case, the assessee filed return of income for AY 2016-17 on 14.10.2016 declaring total income at Rs. 1,02,70,367/-. The assessee's case was selected for scrutiny for AY 2016-17. 3.1 There was a survey u/s 133A of the Act in the case of the assessee on 09.08.2017. During the survey, it was observed that th....

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....k S. Agarwal Vs. DCIT in ITA No. 1227/PUN/2016, dated 05.06.2018. Submission of Ld. DR : 5. The Ld. DR submitted that the assessee had filed revised return of income only after survey. In this case in the original return of income, the assessee had not disclosed the correct figures of stock. The discrepancy in the stock was found during survey. During survey the assessee accepted the discrepancy and offered the income of Rs. 1,25,93,425/- for AY 2016-17 on account of discrepancy in stock. This explains that initially the assessee had concealed the income. The Ld. DR filed paper book and relied on the decision of Hon'ble Karnataka High Court in the case of CIT Vs. Sangmeshwara Associates, (2012) 345 ITR 396 (Kar.) and the Hon'ble Bomba....

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....n with a view to avoid tax liability, in our view, no substantial question/s of law arises in this case either in the manner formulated on behalf of the assessee in the memorandum of appeal or otherwise. The Commissioner of Income-tax allowed the appeal of the assessee by misapplying the said decision of the Division Bench of the Madhya Pradesh High Court which had no relevance to the fact situation prevailing in the case at hand, Whether there is concealment of income or not has to be decided with reference to the facts of a given case and the lact-finding authorities under the Act having come to the conclusion that in the facts of the case, the assessee had concealed the income initially with a view to avoid the payment of tax, we are of ....