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TMI Blog2015 (1) TMI 791X X X X Extracts X X X X X X X X Extracts X X X X ..... e barred by 368 days. In support of condonation of delay, the Accountant of the assessee has filed an affidavit, which is reproduced hereinbelow:- " I, Kishor Bane, son of Dattaram Bane, aged 42 years residing at B-11, Jaai Kunj Chawl, Bharat Bhoir Nagar, Reti Bunder Road, Dombivali (W), Dist. Thane - 421202, do hereby take oath and declare on affirmation as under: 1. That I am working as an accountant for M/s. Mandhana Industries Limited ('Mandhana') from last several years and I am looking after appeal related matter of the Mandhana Industries Ltd. 2. That for Assessment Year 2007-08 Mandhana have preferred an appeal before the Commissioner of Income Tax (Appeal) on 5 May 2011. 3. That on receipt of CIT(A)'s order Mandhana has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an affirmation on oath that due to his oversight the appeal documents remained with him and could not get signed from the Managing Director and therefore, appeal could not be filed. The contents given in the affidavit does not reflects any reasonable cause for condonation of delay, firstly, the assessee had not taken any steps for preparation of filing of the appeal when the draft of appeal was prepared as stated by accountant. The entire matter had been left with the Accountant from whom no inquiry was done as to why the appeal papers which were prepared was not put up for signing and filing it before the Tribunal. This attitude of the assessee itself shows that the assessee was not vigilant enough in preparing and filing of the appeal be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e delay of 368 days can be condoned. Accordingly, the appeal filed by the assessee is not admitted being barred by limitation. Resultantly, the appeal filed by the assessee for the assessment year 2007-08 is dismissed in limine. 4. Now coming to the appeal for the assessment year 2008-09, wherein the assessee has raised following grounds of appeal: "On the facts and in the circumstances of the case the Learned Commissioner of Income Tax (Appeals) - 12, Mumbai [CIT(A)']: 1. Deduction under section 145A of the Act for Rs. 28,49,027/- a. erred in not allowing the corresponding deduction under section 145 A of the Act as additions in the value of opening stock for the year, as the adjustment was made under section 145A of the Act to val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest under section 234B & 234C erred in levying interest under section 234B and 234C of the Act; 5 Initiation of penalty proceedings under section 271(1)(c) erred in initiating penalty proceedings u/s 271(1)(c) of the Income Tax Act. 5. Ground No.1 of the appeal, relates to corresponding deduction u/s 145A on account of addition in the opening stock for the year. As admitted by the ld.counsel this ground is purely consequential. On perusal of the impugned order, we find that in the earlier year the ld. CIT(A) has given direction to the AO that adjustment should made to the opening stock also in view of the decision of the Hon'ble Delhi High Court in the case of Mahavira Aluminum Ltd 214 CTR (Del) 45. Such a direction is to be carried ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecial Bench of the Tribunal, uphold the order of the first appellate authority and dismiss Ground No.2. " 7. In view of the aforesaid decision of the Tribunal, which is applicable in this year also, we following the same, confirm the order of ld. CIT(A) on this score and dismiss the ground raised by the assessee. 8. In ground No.3, the assessee has challenged non-granting of MAT credit of Rs. 26,47,466/-. The ld. CIT(A) held that the MAT credit u/s 115JAA is to be allowed only when the book profit are to be taxed. The ld. counsel for the assessee submitted that such an observation of the ld. CIT(A) is contrary to the clear cut provisions of section 115JAA, wherein it has been provided that where tax is paid u/s 115JA(1) then tax credit i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owed only on the tax computed under the book profit. Thus, the finding of the ld. CIT(A) is reversed and the AO is directed to allow the MAT credit being carried forward from assessment year 2006-07 and from assessment year 2007-08 on the tax payable under normal provisions of the Act. Accordingly, Ground No.3 raised by the assessee is treated as allowed. 10. Ground No.4 of the appeal relates to charging of interest u/s 234B and 234C of the Act. The charging of interest under these sections as admitted by the parties are consequential in nature, therefore, the AO is directed to calculate the interest as per law. 11. In the result, the appeal for the assessment year 2007-08 is dismissed whereas the appeal for the assessment year 2008-09 is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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