9911796707
TMI Blog2023 (4) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... revision order dated 22-03-2019 passed by the Pr. Commissioner of Income Tax-1, Aurangabad was received on 22-03-2019. Accordingly the appeal was required to be filed before the Hon'ble Tribunal by 21-05- 2019. 2. The appeal however has been filed on 17-01-2022. In this way there is a delay of 972 in filing of the appeal. The. Hon'ble Supreme Court vide its judgement in the case of Cognizance for Extension of Limitation (2021) 438 ITR 296 (SC) has held that because of COVID-19 situation, in calculating/reckoning the date of limitation for filing the appeals, the period from 15-03-2020 to 30-09-2021 i.e. 564 days is to be excluded. As such there is actual delay of only 308 days in filing of this appeal. 3. Since the Pr. Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... using the appearance before the ld. CIT(A) on account of difficulties faced by the appellant on account of Covid-19 Pandemic, the Hon'ble Supreme Court taking the cognizance of the difficulty faced by the country extended the various limitations prescribed under the Statute. Therefore, we are of the considered opinion that it is fit case for condoning the delay. Hence, we condone the delay of 972 days and admit the appeal for adjudication. 4. Briefly, the facts of the case are that the appellant is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of ginning and pressing of raw cotton. The Return of Income for the assessment year 2014-15 was filed on 28.11.2014 declaring total income of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith a direction to re-do the assessment after giving an opportunity of hearing to the appellant. 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. It is submitted that the ld. PCIT had not granted reasonable opportunity of hearing to the appellant while passing the impugned order. It is further submitted that the order of the ld. PCIT cannot be sustained in view of the direction of the ld. PCIT that in one hand to disallow the claim for exemption u/s 10(38) and on the other hand, assessment order was remanded to the Assessing Officer for examination of the claim. It is further submitted that the copy of Report of the Investigation Wing of the Director of the Income Tax Department, Kolkata was not furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on taken before us is that the case was selected for limited scrutiny, therefore, the question of examination of issue of genuineness of claim for exemption u/s 10(38) does not arise. The submission made by the assessee is contrary to the material on record. The appellant filed a copy of the scrutiny notice placed at page no.35 of the Paper Book which clearly mentioned that the case was selected for scrutiny under CASS. However, there was no mention in the said notice, the case was selected for limited scrutiny. In-fact, the Assessing Officer had issued various queries vide letter dated 31.10.2016. On mere perusal of the said notice, it would be clear that there was no query from the Assessing Officer as to the genuineness of the claim for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oceedings. We also make it clear that even the information received after the completion of assessment constitutes a part of the record for initiation of proceedings u/s 263 of the Act. In light of above discussions, the ratio of the judgement of the Hon'ble Calcutta High Court in the case of PCIT vs. Swati Bajaj, 446 ITR 56 (Calcutta) is squarely applicable, wherein, it has held that failure of the Assessing Officer taking into the report of the Investigation Wing of the Income Tax Department and accepted the claim for exemptions on account of long term capital gains and the exemption arisen from transaction with penny stock, renders the assessment erroneous and prejudicial to the interests of the Revenue. Therefore, the ld. PCIT was justi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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