TaxTMI 
TaxTMI 
2026 (10) TMI 48
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....has pointed out a defect that appeal is time barred by 74 days. In response thereof, the Assessee has filed an application seeking condonation of delay in filing of the appeal on the ground that the delay was neither intentional nor due to negligence but occurred due to sufficient cause i.e. : (i) The assessee never received a physical copy of the order under section 250 at the registered postal address; (ii) Furthermore, no notification regarding the passing of the order was received via registered email or SMS alert; (iii) The assessee only became aware of the existence of the said order on 12.05.2026 when one of the Directors of the company checked the e-filing portal for checking the status of the appeal. 3....
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....y be admitted in view of the judgement of NTPC Ltd. vs. CIT, (1998) 229 ITR 0383 (SC). 7. On the other hand, ld. DR for the Revenue has no objection of admitting the additional ground of appeal being purely legal issue. 8. In view of the reliance made by the ld. AR for the assessee on the judgment of Hon'ble Supreme Court in the case of NTPC Ltd. (supra) and issue being purely legal, we proceeded to admit the additional ground of appeal being a legal issue. 9. Brief facts are, assessee filed its original return of income on 14.09.2018 declaring total income of Rs. Nil and declared loss of Rs. 16,20,383/-. Based on the information received through Insight Portal that assessee has earned income of Rs. 35,03,784/- and accordingly, the....
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....as carrying business of security trading and the source of income was security trading during FY 2017-18. Assessee also submitted bank details and banks statement, details of long-term borrowings and short term borrowings and expenses claimed during the year. The assessee also submitted details of investment of Rs. 1,14,39,888/- and stated that the amount is the closing balance of SMC Global Securities Limited with whom security is done and it was also accepted that it has done trading in F&O/Securities/Commodity with SMC Global Private Ltd. Further, the Assessing Officer observed that the assessee filed return of income declaring loss of Rs. 16,20,383/- and on perusal of the same, it was noticed that it is not e-verified. Therefore, he tre....
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.....01.2020, the Assessee was found to be involved in equity on futures, with total investments shown during the investigation amounting to Rs. 1 Crore. He further submitted that this clearly shows two contradictory amounts within the notice itself and the Assessing Officer ("AO") has failed to disclose the exact workings or basis on which either of these figures arrived at. He submitted that in such circumstances, it is apparent that the AO has initiated reassessment without any clear or consistent basis for alleged escapement of income, thus this contradiction goes into the very root of the matter, rendering the reassessment proceedings bad in law. 14. He further submitted that on the bare perusal of Section 148A of the Act, it is clear t....
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....e more specific information. The AO, however, in complete non-consideration of the reply furnished by the Assessee, proceeded to pass an order under section 148A(d) of the Act and issue consequent notice under section 148 of the Act and the same is based on completely vague and cryptic information, allegedly relying on an excel sheet retrieved during the course of the search and seizure action or the postsearch proceedings. The alleged existence of this excel sheet was revealed to the assessee for the first time only in the order passed under Section 148A(d) of the Act dated 26.03.2022, that is, at a subsequent stage, thereby resulting in a complete violation of the rights of the assessee. 16. He further submitted that despite a specific....
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.... per section 69A, in any financial year, the assessee found to be owner of any bullion, money or jewellery or any other valuable article and such articles is not recorded in the books of account if any maintained by the assessee for any source of income and it does not offer any explanation to the satisfaction of the AO, the money and value of such article may be deemed to be the income 'of the assessee. It is fact on record that Revenue has not found any money or bullion or jewellery in the possession of the assessee. Therefore, in the absence of any unexplained money or article" the provisions of section 69A cannot be invoked. In the given case, what is found is certain documents which contained certain details of property an....