Serious dispute among Partners: ITAT Condones delay in Appeal with Costs

Akshaya Builders Developers Promoters Vs ACIT (ITAT Bangalore) In the case of Akshaya Builders Developers Promoters Vs ACIT (ITA No. 1736/Bang/2024), the Income Tax Appellate Tribunal (ITAT) Bangalore condoned a delay of 355 days in filing the appeal due to a serious dispute among the partners of the assessee firm. The assessee, a real estate partnership firm, had failed to file its return of income for assessment years 2017-18 and 2018-19. After scrutiny, the Assessing Officer (AO) issued notices, and the assessee filed the returns but did not attend the proceedings. As a result, the AO treat...