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2008 (8) TMI 902 - HC - Income TaxPetition against Order passed by the CIT - Mistake application filled u/s 264 - Deduction u/s 80-IB(3) - late filing of the return - sufficient cause - condonation of delay under proviso to s. 264(3) - manufactures plastic granules - HELD THAT:- The CIT has not examined the aspects of the matter which we have set out. We are of the view that there was sufficient cause for having made the application after a delay of about seven and a half months. The CIT ought to have condoned the delay. As indicated, the delay was on account of a bona fide mistake and is not visited by any mala fides or any element of recklessness. The petitioner has also been able to show that the claim was not made earlier because legal advice on that account was not forthcoming. The petitioner had no reason not to have claimed it at an earlier point of time. He did not do so because the requisite advice from its tax department had not been rendered. This can certainly be treated as a sufficient cause for condonation of delay, particularly in the light of the provisions of proviso to s. 264(3) as well as the provisions of s. 5 of the Limitation Act, 1963. Consequently, we set aside the order of the CIT and remit the matter to the CIT for a decision on merits. The writ petition stands allowed.
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