Secured Home Finance Ltd. Vs. PCIT-5, Kolkata

Parties Involved

Facts Summary

The assessee company, Secured Home Finance Ltd., filed its return of income declaring a total loss of Rs. 3,98,506/-. The return was selected for scrutiny. The Assessing Officer (AO) made additions under section 14A of Rs. 34,314/- and Rs. 23,048/- towards miscellaneous expenses, assessing the total income at Rs 57,360. Subsequently, the order passed under section 143(3) was picked up for revision under section 263 of the Act by PCIT-5, Kolkata, which cancelled the AO's order with a direction to pass a speaking and reasoned order. The AO then sent a show cause notice to the assessee asking for detailed information. The AO disallowed 30% of the sum of Rs. 65,11,945/- paid to contractors under section 194C, amounting to Rs. 19,53,583/-. The assessee challenged this order before the Commissioner of Income Tax (Appeal)- NFAC, Delhi (CIT(A)), but the appeal was dismissed in limine for non-response to notices. The assessee then appealed to the ITAT.…

Legal Issues

• 1. Delay in filing the appeal by the assessee.
• 2. Whether the appeal should be dismissed in limine for non-appearance before the CIT(A).

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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