ITAT Hyderabad Condoned 506-Day Delay; Ad Spend Allowed; Alleged Coerced Share Sale Ground Admitted

Kakinada Infrastructure Holdings Private Limited Vs DCIT (ITAT Hyderabad) ITAT Hyderabad Condones 506-Day Delay, Allows Advertisement Expenditure, and Admits Additional Grounds on Alleged Coerced Share Sale The Hyderabad Bench of the ITAT, in the case of Kakinada Infrastructure Holdings Pvt. Ltd. (AY 2021-22), condoned a delay of 506 days in filing the appeal, holding that the delay was supported by sufficient and bona fide cause. The Tribunal accepted the assessee’s explanation that, after receiving substantial relief from the CIT(A), it initially chose to buy peace and not litigate further...