Delay in Filing Appeals Condoned Despite Massive Additions and Penalty

Ambarwadikar Infrastructure Limited Vs ITO (ITAT Pune) Delay condoned despite huge additions & penalty: ITAT Pune restores both quantum and penalty appeals Pune ITAT set aside the orders of the CIT(A), NFAC which had dismissed both the quantum appeal and the penalty appeal solely on the ground of delay, and restored both matters for adjudication on merits. The Assessee-company had filed its original return declaring Nil income with a loss of ₹2.04 crore. In reassessment proceedings u/s 147 r.w.s. 144B, the AO determined income at ₹26.45 crore, making major additions towards unsecured l...