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2005 (4) TMI 46 - HC - Income TaxApplication made by the petitioner on September 10, 1997, seeking extension under section 80HHC(2)(a) for realisation of outstanding export proceeds - explanation given by the assessee for delayed receipt of proceeds for exports vide aforesaid invoices was, "due to slackness in the diamond industries and they are also facing financial crises". - assessee's explanation suggests that reason was beyond his control. – Therefore, Commissioner of Income-tax, is directed to reconsider the petitioner's application dated September 10, 1997, seeking extension under section 80HHC(2)(a) in accordance with law.
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