Case Law Details
ACIT Vs V. V. N. Varadhan Kumar (ITAT Chennai)
Ld.CIT(A) had made a clear cut finding after examining the books of accounts of the assessee that the amount received by the assessee was only repayment of loan extended by the assessee to the company. It appears that the assessee in his books of account instead of setting-off the repayment of loan against the loan account has accounted the same under a different head of account, which is only a technical error. Since these facts has been verified by the Ld.CIT(A), based on which he has granted relief to the assessee by deleting the addition made by the Ld.AO invoking the provisions of Section 2(22)(e) of the Act, we do not find it necessary to interfere in his order. Accordingly the order of the Ld.CIT(A) stands confirmed.
FULL TEXT OF THE ORDER OF ITAT CHENNAI
The appeal by the Revenue is directed against the order passed by the learned Commissioner of Income Tax (Appeals)-14, Chennai dated 28.02.2017 in ITA No.59/2016-17 for the assessment year 2009-10 passed U/s.250(6) r.w.s. 143(3) & 147 of the Act. The assessee has also raised cross objection in support of the order of the Ld.CIT(A) supra.
2. The cross objection was filed by the assessee with a delay of 48 days. The Ld. AR submitted that the delay had occurred since the auditor of the assessee firm was aged and unwell. Therefore the Ld. AR pleaded that the delay may be condoned. The Ld. DR strongly objected to the submission of the Ld. AR. After hearing both sides, due to the genuine reason cited by the Ld.AR, in the interest of justice, we hereby condone the delay of 48 days in filing the cross objection by the assessee and proceed to hear the appeals on merits.
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