9911796707
TMI Blog2018 (8) TMI 2034X X X X Extracts X X X X X X X X Extracts X X X X ..... to the income-tax proceeding. Therefore, this Tribunal do not find any merit in the objection of the Revenue. Accordingly, the delay of 225 days in filing the appeal by the assessee before this Tribunal is condoned and the appeal of the assessee is admitted. Reopening of assessment u/s 147 - share transactions which were not disclosed by the assessee - HELD THAT:- For the assessment year 2008-09, the assessee admittedly filed return of income on 05.02.2009, however, the share transactions were admittedly not disclosed by the assessee. Since the figures with regard to share transactions are claimed to be wrongly mentioned by the CIT(Appeals), this Tribunal is of the considered opinion that the matter needs to be reexamined. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld.counsel further submitted that the power of attorney holder of the assessee died recently. After the death of power of attorney holder, according to the Ld. counsel, the assessee consulted his Chartered Accountant Shri Kalyan and on his instruction, the appeal was filed. The assessee being non-resident, according to the Ld. counsel, he was prevented from filing the returns within the prescribed time limit. 3. On the contrary, Shri AR.V. Sreenivasan, the Ld. Departmental Representative, submitted that the assessee has no reasonable cause. The Ld. D.R. further submitted that the cross-objection was filed only to object the condonation of delay by this Tribunal. The Ld. D.R. clarified that the cross-objection was filed only to oppose the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... htly. Such a concept of vested right is not available to the Revenue in the income-tax proceeding. Constitution of India in categorical term declares that the Revenue cannot collect any tax unless it is authorized by law. Therefore, the Revenue cannot retain a single pie of the assessee unless it is authorized by law. The concept of vested right or vested interest is alien to the income-tax proceeding. Therefore, this Tribunal do not find any merit in the objection of the Revenue. Accordingly, the delay of 225 days in filing the appeal by the assessee before this Tribunal is condoned and the appeal of the assessee is admitted. 6. Now coming to the merit of the appeal, Shri S. Sridhar, the Ld.counsel for the assessee, submitted that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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