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2013 (9) TMI 881 - HC - Income TaxTime limit for receipt of foreign convertible exchange for deduction u/s 80HHC – Time limit for filing an application for extension of time before commissioner – Held that:- As per Hon’ble Madras High Court in the case of Sarathy Palayacat Company versus Chief Commissioner of Income Tax and Others, [1998 (10) TMI 5 - MADRAS High Court], it was observed that wide discretion is vested with the Commissioner/Chief Commissioner and the time can be extended on more than one occasion - In Leather Trends Private Limited versus Commissioner of Income Tax and Another, 1995 [1995 (4) TMI 54 - ALLAHABAD High Court], Allahabad High Court has held that rejection of the application should be after giving valid reasons – Hon’ble Allahabad High Court in Azad Tobacco Factory Private Limited versus Commissioner of Income Tax and Others, 1997 [1995 (4) TMI 6 - ALLAHABAD High Court], it was viewed that no time limit has been mentioned for moving an application for extension of time under Section 80HHC(2)(a) and it is not necessary that the application should be moved within six months from the end of previous year – Decided in favor of Assessee.
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