M/s. IAEC Industries Madras Ltd., CHENNAI V. ACIT, CHENNAI

ITA 2328/CHNY/2019

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 8421 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-08-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 19-08-2021
• Assessment Year: 2007-2008
• Appeal Filed On: 14-08-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: R ANITA
• Assessee Lawyers: K S LAKSHMI NARAYANAN
• Keywords: Capital Gains

Judgement Text

, , IN THE INCOME-TAX APPELLATE TRIBUNAL B BENCH, CHENNAI . , . , BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER & SHRI G. MANJUNATHA, ACCOUNTANT MEMBER ./ I.T.A. NO.2328/CHNY/2019 / ASSESSMENT YEAR: 2007-08 M/S. IAEC INDUSTRIES MADRAS LIMITED, NEW NO. 30/OLD NO. 19, DR. AMBEDKAR ROAD, KODAMBAKKAM, CHENNAI 600 024. [ PAN: AAACI0847G] VS. THE ASSISTANT COMMISSIONER OF INCOME TAX, COMPANY CIRCLE II(3) NOW ITO, CORPORATE WARD 2(4), CHENNAI 600 034. ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : SHRI K.S. LAKSHMINARAYANAN, C.A. /RESPONDENT BY : MS. R. ANITA, JCIT / DATE OF HEARING : 19.08.2021 /DATE OF PRONOUNCEMENT : 19.08.2021 / O R D E R PER V. DURGA RAO, JUDICIAL MEMBER: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) 9, CHENNAI, DATED 06.06.2019 RELEVANT TO THE ASSESSMENT YEAR 2007-08. 2. WHEN THE APPEAL WAS TAKEN UP FOR HEARING, THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE LD. CIT(A) HAS DISMISSED THE APPEAL OF THE ASSESSEE ON THE GROUND THAT THERE IS A DELAY IN FILING THE APPEAL AND NOT CONSIDERED THE APPEAL ON MERITS AND PRAYED THAT THE SHORT DELAY MAY BE CONDONED. 3. ON THE OTHER HAND, THE LD. DR SUPPORTED THE ORDER PASSED BY THE LD. CIT(A). I.T.A. NO. 2328/CHNY/2019 2 4. WE HAVE HEARD BOTH THE SIDES, PERUSED THE MATERIALS AVAILABLE ON RECORD AND GONE THROUGH THE ORDERS OF AUTHORITIES BELOW. AGAINST THE ADDITIONS TOWARDS CESSATION OF LIABILITY AS WELL AS LONG TERM CAPITAL GAINS ON SALE OF LAND, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE LD. CIT(A) WITH A DELAY OF 33 DAYS IN FILING THE APPEAL. THE ASSESSEE HAS FILED AN AFFIDAVIT TO CONDONE THE DELAY BEFORE THE LD. CIT(A). HOWEVER, THE LD. CIT(A) HAS NEITHER CONDONED THE DELAY NOR ADJUDICATED THE APPEAL ON MERITS. WE HAVE GONE THROUGH THE AFFIDAVIT FILED BY THE ASSESSEE AND FIND THAT THERE IS SUFFICIENT CAUSE TO CONDONE THE DELAY. UNDER THE ABOVE FACTS AND CIRCUMSTANCES, WE DIRECT THE LD. CIT(A) TO CONDONE THE DELAY AND ADJUDICATE THE APPEAL ON MERITS BY AFFORDING MEANINGFUL OPPORTUNITIES OF BEING HEARD TO THE ASSESSEE. THUS, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THE 19 TH AUGUST, 2021 AT CHENNAI. SD/ - SD/ - (G. MANJUNATHA) ACCOUNTANT MEMBER (V. DURGA RAO) JUDICIAL MEMBER CHENNAI, DATED, THE 19.08.2021 VM/- /COPY TO: 1. / APPELLANT, 2. / RESPONDENT, 3. ( ) /CIT(A), 4. /CIT, 5. /DR & 6. /GF.