Kahnayalal Anil Kumar, CHENNAI V. ITO NCW 5(1), CHENNAI

ITA 2044/CHNY/2018

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 8705 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-12-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 27-06-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MOHD MUSTAFA
• Assessee Lawyers: R PADMANABHAN
• Keywords: Condonation of delay

Judgement Text

, (SMC) , IN THE INCOME TAX APPELLATE TRIBUNAL B (SMC) BENCH, CHENNAI . . . , , ' BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER /. I.T.A. NO. 2044/CHNY/2018 / ASSESSMENT YEAR : 2014-15 M/S. KANHALYALAL ANIL KUMAR, 39, KALATHI PILLAI STREET, SOWCARPET, CHENNAI 600 079. [PAN: AADHK 8094D] VS. INCOME TAX OFFICER, NON CORPORATE WARD 5(1), CHENNAI. ( / APPELLANT) ( #$& /RESPONDENT ) ASSESSEE BY : SHRI. R. PADMANABHAN, CA REVENUE BY : SHRI. MOHD. MUSTAFA, JCIT 0 /DATE OF HEARING : 19.12.2018 0 /DATE OF PRONOUNCEMENT : 20.12.2018 / O R D E R PER S. JAYARAMAN, ACCOUNTANT MEMBER: THE ASSESSEE FILED THIS APPEAL AGAINST THE ORDER O F THE COMMISSIONER OF INCOME TAX (APPEALS)-5, CHENNAI IN ITA NO. 287/CIT(A)-5/16-17 DATED 04.06.2018 FOR ASSESSMENT YEAR 2014-15. :-2-: ITA NO.2044/CHNY/2018 2. SHRI. KAHNAYALAL ANIL KUMAR, THE ASSESSEE, SOLD 75,000 SHARES OF M/S. ESAAR INDIA LTD., COMPUTED LONG TERM CAPITAL G AINS OF RS. 13,13,695/- AND CLAIMED IT AS A DEDUCTION U/S. 10(3 8) FOR ASSESSMENT YEAR 2014-15. WHILE MAKING THE ASSESSMENT FOR ASSE SSMENT YEAR 2014- 15, THE ASSESSING OFFICER AFTER CONSIDERING VARIOUS MATERIALS COLLECTED BY HIM AND FURNISHED BY THE ASSESSEE TREATED THE SALE OF SHARES AS A PENNY STOCK AND ASSESSED THE ENTIRE SALE CONSIDERATION AS AN INCOME FROM OTHER SOURCES. AGGRIEVED, THE ASSESSEE FILED AN A PPEAL BEFORE THE CIT(A). THE CIT(A) DID NOT CONDONE THE DELAY IN FI LING THE APPEAL AND DISMISSED IT AS BARRED BY LIMITATION. AGGRIEVED, T HE ASSESSEE FILED THIS APPEAL. 3. THE LD. AR SUBMITTED THAT THE ASSESSEE MISPLACED THE ASSESSMENT ORDER AS IT GOT MIXED UP WITH VARIOUS PA PERS. BY THE TIME HE COULD TRACE AND FILE THE APPEAL THERE WAS A DELA Y OF 5 DAYS IN FILING THE APPEAL. SO, HE PLEADED THAT THE DELAY IS NEITH ER WILFUL NOR WANTON AND SOUGHT CONDONATION OF DELAY BEFORE THE LD. CIT( A). THE LD. CIT(A), UNFORTUNATELY, REFUSED TO CONDONE THE DELAY AND DIS MISSED THE APPEAL AS BARRED BY LIMITATION. THE ASSESSEE PLEADED THAT THE DELAY BE CONDONED IN THE INTERESTS OF JUSTICE AND DUE JUSTIC E IS RENDERED TO THE ASSESSEE. :-3-: ITA NO.2044/CHNY/2018 4. WE HEARD THE RIVAL SUBMISSIONS AND CONDONE THE D ELAY. THE ISSUE IS REMITTED BACK TO THE LD. CIT(A) FOR AFFORDING EF FECTIVE OPPORTUNITY TO THE ASSESSEE AND PASS THE ORDER ON MERITS IN ACCORD ANCE WITH LAW. 5. IN THE RESULT, THE ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED ON THURSDAY, THE 20 TH DAY OF DECEMBER, 2018 AT CHENNAI. SD/- ( . . . ) (N.R.S. GANESAN) /JUDICIAL MEMBER SD/- ( ) (S. JAYARAMAN) /ACCOUNTANT MEMBER /CHENNAI, 5 /DATED: 20 TH DECEMBER, 2018 JPV 0#6787 /COPY TO: 1. & / APPELLANT 2. #$& /RESPONDENT 3. : ) ( /CIT(A) 4. : /CIT 5. 7# /DR 6. = /GF