9911796707
TMI Blog2003 (11) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the CIT(A) in not condoning the delay and subsequently proceeding to decide the issue on merit, without first condoning the delay. 2. The assessee filed the return of income on 31st Aug., 1992 for the assessment year under consideration claiming loss of Rs. 1,67,080. This figure was arrived at by the assessee after setting off of brought forward loss of Rs. 27,67,339 which related ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... first appellate authority. 3. There was a delay in filing the appeal before the first appellate authority for about two years which according to the assessee occurred due to the fact that the assessee approached the CIT under s. 264, assessee shifted from Quilon to Chennai and the assessee was facing stringent financial difficulties. However, the CIT(A) was of the view that there was no reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He submitted that the assessee and his father were partners in two firms of cashew export business. Father expired on 23rd April, 1989. The business was not going well. The loan taken from State Bank of Travancore could not be repaid in time. Subsequently, there was a settlement, even according to the CIT(A) with regard to the loan and interest thereof. All these aspects clearly establishes the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reason to decide the issue on merits. In all fairness there cannot be a further proceeding. However, in the interest of justice, we remand the matter back to the CIT(A) with a direction to condone the delay and decide issues on merits. The assessee shall file all the details available with the assessee so as to claim the benefit of set off of brought forward losses of earlier years. 7. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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