Commissioner Of Income Tax (C)-Iii v. M/S Shyam Basic Infrastructure Project Pvt. Ltd

$~3 *IN THE HIGH COURT OF DELHI AT NEW DELHI +ITA 902/2016 & CM No.46506/2016 COMMISSIONER OF INCOME TAX (C)-III..... AppellantThrough:Mr.DileepShivpuri,Mr.SanjayKumar and Mr. Vikrant A.Maheshwari, Advocates. Versus M/S SHYAM BASIC INFRASTRUCTURE PROJECT PVT. LTD. ..... Respondent Through:None. CORAM:HON'BLE MR. JUSTICE S. RAVINDRA BHATHON'BLE MR. JUSTICE NAJMI WAZIRIO R D E R%11.01.2017 There is a delay of 1115 days in filing of the appeal. The explanationin support of the condonation of delay is wholly inadequate. Reasons citedare digitization of filing and reorganization in the Revenue’s panel. Theycould not justify the Court’s conscience about the existence of sufficientcause for the delay, which can be condoned.CM No. 46506/2016 isdismissed accordingly. Even otherwise on the merits, the Court notices that the Income TaxAppellate Tribunal’s reasoning is sound; which had directed the deletion ofpenalty upon returning the finding that the claim made of diminution ofvalue as loss/profit, was, in the circumstances, bona fide. The assessee hadrelied upon another judicial order as well as the accounting standard insupport of its submissions.ITA 902/2016Page 1 of 2 The appeal is consequently dismissed on merits as well as on theground of inordinate delay. S. RAVINDRA BHAT, J. JANUARY 11, 2017sb NAJMI WAZIRI, J. ITA 902/2016