Dhoot Industrial Finance Ltd. vs. Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The appellant, Dhoot Industrial Finance Ltd., filed an income return for the Assessment Year 2018-19 on 26/09/2018, declaring a loss of INR 36,10,764/- under normal provisions of the Act and book profit of INR 3,16,79,249/- under Section 115JB of the Act. An intimation order under Section 143(1) of the Act was issued on 30/10/2019, increasing the business income of the appellant by INR 70,34,565/-. The appellant filed an appeal before the Commissioner of Income Tax (CIT) against the intimation order, which was dismissed as being barred by limitation. The present appeal before the Tribunal challenges the order of the CIT. The Tribunal heard both sides and perused the material on record. The appellant argued that the CIT erred in not condoning the delay in filing the appeal and in making the addition of INR 70,34,565/-. The Tribunal found that the delay should have been condoned and the addition was factually incorrect.…

Legal Issues

• 1. Whether the delay in filing the appeal should have been condoned?
• 2. Whether the addition of INR 70,34,565/- was factually correct?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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