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TMI Blog2010 (3) TMI 1243X X X X Extracts X X X X X X X X Extracts X X X X ..... cts are similar. 5. The affidavit has been filed by Shri Chander Mohan Sethi, one of the directors of the assessee company. The contents of the affidavit by which the reasons in filing the appeals late are explained as under: 1. That I was appointed as a Director of the Company on 21.01.2002 and as such, I am well conversant with the facts and deposed below. 2. That the Company was formed as a Joint Venture between Reckitt Colman India Ltd.(now Reckitt Benckiser India Ltd.) and Nicholas Piramal India Ltd. during the year ended 31.03.1998 to market the Over The Counter (OTC) Pharmaceuticall Products, with registered office at 100, Centre Point, Dr Ambedkar Rd., Parel, Mumbai 400 012. 3. That the company carried on the business of OTC drugs and cosmetics up to June 2001 till which time the Tax matters were attended by then group Company M/s. Piramal Enterprises Ltd. Thereafter the company shifted its Registered Office to No.107, 11, Nirman Kendra, 1st Flr., Dr. E.Moses Rd., Mahalaxmi, Mumbai 400 011. 4. That the company has thereafter from 25.10.2004 relocated its registered office to is present address at 8th Flr., B Wing, Marwah Centre, Krishnalal Marwah Marg, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be disposed off on merit after taking into consideration the facts and other materials on record. 6.1 The Hon ble Supreme Court in the case of Mst. Katiji and Others vs. Collector, Land Acquisition (167 ITR 471) has observed that; When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred, for the other side cannot claim to have a vested right in injustice being done because of a non-deliberate delay. 7. In the present case, as stated above that there was reasonable cause in filing the appeals late. All the employees were left and the manager who was assigned to work was also not doing the work properly. After knowing all these facts, the director took up the matter himself and immediately thereafter filed the respective appeals before the Tribunal. 8. In view of the above facts and circumstances and in view of the observations of the Hon ble Apex Court, we hold that the delay in filing the appeals was not on account of deliberate delay. The intention of the assessee was bonafide and therefore, there was a reasonable cause. In view of these facts and circumstances, we condone the dela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st order passed u/s.263 by the CIT dated 25.01.2005. 16. The CIT after going through the assessment record of assessment Year 2000-01 found that while completing assessment u/s.143(3) the Assessing Officer has not made proper inquiries/verification of claim made in the accounts/return/computation. Accordingly, show cause notice dated 29.09.2004 issued to the assessee for taking action u/s 263. In the show cause notice the discrepancy in respect to opening stock as well as closing stock were shown. It is further mentioned that no proper inquiries have been made by the Assessing Officer in regard to apparent discrepancy noticed in the quantitative details of toiletries inventories. Thereafter detailed reply was filed before the CIT. However, ld CIT was not satisfied with the reply filed before him; accordingly, he set aside the order of the Assessing Officer by holding that the same is prejudicial to the interest of Revenue and therefore the order of the Assessing Officer is erroneous. The Assessing Officer was directed to tax the value of 1737.45 MT of goods less 5% on account of brokerage as unaccounted investment in purchases. The Assessing Officer further directed to modify th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make disallowance or additions. Therefore, for these reasons the order of CIT is not sustainable in law. 18.1 We further noticed that the Assessing Officer while completing the assessment u/s.143(3) have made proper inquiries in respect of quantitative details of toiletries. The figure mentioned in the show cause notice issued by the CIT are the same figure mentioned in the show cause notice issued by the Assessing Officer for the purpose of completing assessment. The original show cause notice was issued on 13.03.2003 by the Assessing Officer. The assessee has filed the reply vide letter dated 15.03.2003 explaining the quantitative details of inventories. The reconciled details were also filed, copies of which are placed in paper book at page No.3 onwards. Thereafter, Assessing Officer further made inquiries vide letter dated 24.03.2003 regarding value of opening stock, value of purchases and value of closing stock as on 31.03.2000. The assessee filed reply dated 28.03.2003 copy of the same is placed at page No.13 to 21. After considering all these details then only the Assessing Officer has accepted the purchase, sale and closing stock shown by the assessee. 18.2. After con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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