9911796707
TMI Blog2023 (11) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 2017-18, assessee preferred this appeal. 2. Brief facts of the case are that assessee, a limited company, was deriving income from the business of medical services. Assessee filed the return of income for the assessment year 2017-18 declaring income of Rs. 20,89,51,930/-. Assessment was complete by order dated 26/12/2019 at the returned income. Subsequently, on a perusal of record, the learned PCIT found that during the year under consideration, the assessee executed a business transfer agreement dated 18/05/2016 with Mr. Ravindranath GE Medical Associates Pvt. Ltd., and received consideration of Rs. 20 crores, but the learned Assessing Officer failed to verify the genuineness of the business transfer agreement, details of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso against the order under section 263 of the Act. 4. Learned DR, at the outset, submitted that there are no grounds to condone the delay because, the cause attributed by the assessee to the delay is not genuine and against the public policy. He submits that the impugned order was passed on 31/03/2022 and for more than one year, the assessee kept quiet, but contesting the consequential proceedings before the learned Assessing Officer and having lost the same, came back to contest the jurisdiction of the learned PCIT to pass the impugned order. If such a conduct of the assessee is permitted by condoning the delay, there will not be any end to litigation because, without any bona fide, the people will go on litigating against the State, tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e returned income. On a consideration of all these facts, we are convinced that the assessee wanted to have the best of both the worlds and having tested its luck before the learned Assessing Officer in the consequential proceedings and having lost the same, it came back to agitate the legality of the impugned order. Assessee is not an individual, but it is a commercial entity with a battery of legally trained people available for assistance. The pleas available to the individual cannot be taken by the commercial entities with all the legal paraphernalia at their disposal. If a party like assessee is permitted to conduct litigation in this way, we are afraid there would be no end to litigation and it would be against the public policy. 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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