TaxTMI 
TaxTMI 
2026 (10) TMI 1700
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....bout the order passed by Ld. CIT(A), he immediately filed this appeal. The appeal thus, barred by 38 days. It is, requested that under these circumstances, the delay being bonafide may please be condoned. 3. Per contra, Ld. CIT DR strongly opposed the request of the assessee for condonation of delay in filing the appeal by the assessee. 4. Having considered the arguments of both the parties. We find that there is a reasonable and sufficient cause with the assessee in filing the appeal delayed by 38 days which was occurred due to sudden demise of his father who was looking after all the affairs of the assessee. It must be remembered that in every case of delay, there can be some lapses on the part of the litigant concerned however, that alone is not enough to turn down the plea of assessee and to shut the doors against it. When the explanation does not smack of mala fide or it is not put-forth as a part of dilatory strategy, the Courts must give utmost consideration to such litigant and its right of hearing of appeal on merit ought not to be rejected. Considering the overall facts and circumstances of the case and in the larger interest of justice, delay in filling the appeal ....
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....f 2.82% are sustained by ld. CIT(A). 7. Aggrieved by the order of Ld. CIT(A), the assessee is in appeal before the Tribunal by taking various Grounds of appeal as mentioned in the appeal memo. 8. Grounds of appeal Nos. 1 & 2 raised by the assessee are general in nature hence, not adjudicated. 9. Ground of appeal No. 3 raised by the assessee is with respect to the confirmation of addition of INR 6,69,18,805/- made u/s 68 of the Act towards unsecured loans. 10. Before us, Ld. AR for the assessee submits that the AO has made the addition of INR 15,50,25,441/- u/s 69 of the Act towards the unsecured loan taken during the year out ld. CIT(A) has deleted the addition of INR 8,81,06,636/- and upheld the remaining sum of INR 6,69,18,805/-. Ld.AR submits that the business of the assessee was looked after by his deceased father and due to his untimely demise in the month of March, 2016, entire business activity was badly hampered and assessee was not able to serve the creditors. Further, the business premises as well as residential premises were taken by the bankers. Under these circumstances, the assessee the loan creditors had denied to cooperate with the assessee and had not p....
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.... received during the year. AS per section 68 of the Act, any sum credited in the books of account during the year could only be added and thus such opening balances could not be added u/s 68 of the Act. Considering the entirety of the facts and in the larger interest of justice, the issue of unsecured loans is remitted to the file of AO with the directions to provide an opportunity to consider the details filed by the assessee and the additions to the extent of the sum brought forwards from preceding years, no addition be made. Further the assessee has received the loans through banking channels thus the genuineness is proved and since part of loans were repaid in subsequent years where the payments have not been doubted thus to such extent no addition should be made. For the remaining, the should make necessary enquiries by issue summons u/s 133(6) to verify the creditworthiness of the lenders and decide the issue in accordance with law. Accordingly, Ground of appeal No.3 raised by the assessee is allowed for statistical purposes. 13. Ground of appeal No.4 is with respect to the addition of INR 3,20,45,584/- made by holding that unexplained credits in the capital account. 14....
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.... money as unexplained. Further, Ld. CIT(A) asked the assessee to file the copy of the return of income of his father which has not been filed. Under these circumstances, ld. CIT(A) has confirmed the addition. 17. Considering the overall facts and circumcise of the case, this issue is also remitted to the file of AO for making necessary verification from the financial statements of the father of the assessee about the availability of capital funds which were transferred to the bank account of assessee after the death of his father and if the contention of the assessee is found correct that the said sum was received from the bank account of his father, no addition is required to be made. With these directions, Ground of appeal No.4 raised by the assessee is allowed for statistical purposes. 18. Ground of appeal No. 5 raised by the assessee is with respect to the addition of INR 2,18,92,400/- made by applying profit rate of 2.82 % as against 2.33% declared by the assessee resulting into an application of additional G.P rate of 0.49%. 19. Before us, Ld.AR for the assessee submits that the estimation of income of the assessee is mainly for the reason that the G.P. rate has fall....