ITAT condoned delay due to Dire Financial Stress & Difficulties – Remanded matter back to CIT(A)

First STP Pvt. Ltd. Vs ITO (ITAT Chennai) ITAT note that the assessee’s holding company, M/s. IVRCL Infrastructures & Projects Ltd., is undergoing insolvency proceedings before the Ld. NCLT, Hyderabad Bench, and the assessee was facing problem with the management as well as facing severe finance stress. It was brought to our notice that the assessee’s relevant files pertaining to the issues raise in the appeal in respect of Income Tax got misplaced, since the officers handling this portfolio left job and did not hand over the documents to the assessee. Therefore, the assessee was not a...