632-Day Delay Rejected; Appeal Time-Barred; U/s 271(1)(c) Penalty Quashed for No Satisfaction – ITAT Hyderabad

Srimad Virat Pottuluri Veera Vs ITO (ITAT Hyderabad) Delay of 632 Days Not Condoned – Appeal Dismissed as Time-Barred; Penalty u/s 271(1)(c) Quashed for Lack of Satisfaction in Assessment Order – ITAT Hyderabad In the first appeal, a religious trust sought condonation of 632-day delay citing death of founder, internal disputes and takeover by Endowment Authority. ITAT held that “sufficient cause” must show circumstances beyond control and mere internal issues or vague affidavits cannot justify prolonged inaction. Since the assessee failed to explain delay convincingly or on day-to-day ...