Ecoboard Industries Ltd. Vs DCIT (ITAT Pune)
ITAT Pune held that delay in filing of an appeal before CIT(A) condoned due to company’s financial position and non-pursuing of appeals by tax consultant. Accordingly, matter remitted to file of CIT(A) for denovo adjudication.
Facts- The assessee is a company engaged in the business as manufacturer of particle Boards which are made from Bagasse (dry waste from sugar factory). The case of the assessee was selected for complete scrutiny and various additions/ disallowances were made.
AO also initiated proceedings u/s.270A(2) of the Act and issued show cause notices to the assessee to which there was no compliance from the side of assessee. In the event, ld. AO vide order dated 27.10.2021 levied penalty of Rs.92,94,216/- u/s.270A(2) for underreporting of income. AO also levied penalty of Rs.1,71,33,560/- on the various loans received by it through modes other than mode specified u/s.269SS of the Act invoking the provisions of section 271D. AO also levied penalty of Rs.1,75,10,751/- on the ground that the assessee repaid loans/deposits to various parties through modes other than the modes specified u/s.269T of the Act.
CIT(A) dismissed the appeal by not condoning the delay. Being aggrieved, the present appeal is filed.
