Procedural Lapses Should Not Override Substantial Justice: ITAT condones Appeal filing delay

Atlantic Bio Medical Pvt. Ltd. Vs DCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai has ruled in favor of Atlantic Bio Medical Pvt. Ltd., allowing the condonation of a 314-day delay in filing an appeal against the disallowance of deductions under Sections 80IC and 43B of the Income Tax Act, 1961. The appeal was initially dismissed by the Commissioner of Income Tax (Appeals) [CIT(A)] solely on the grounds of delay, without examining the merits of the case. The tribunal held that the delay was not deliberate but caused by a genuine misunderstanding of filing requirements. The assess...