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2010 (9) TMI 22 - HC - Income TaxBenefit u/s 10(26AAA) – Exemption to Sikkimese - any income which accrues or arises to him – retrospective effect - Condonation of delay in revision application - The Petitioner accordingly sought to claim benefit of the said provision and filed an Application under Section 264 of the said Act on 4-9-2008 – Application for condonation of delay was also filed – Held that: - There can be no dispute that the Finance Act by which the said provision was introduced, received the assent of the President on 10-5-2008. The Petitioner has made an application immediately after a period of four months of the said Finance Act, receiving assent of the President. The reasons as to why the Petitioner did file the applications at the said point of time, have been mentioned by the Petitioner in the applications for each of the Assessment Years. - Once the Commissioner is vested with the power of condonation of delay, then it is incumbent upon the Commissioner to take into consideration the reasons mentioned by the Assessee seeking condonation of delay. – benefit of exemption extended to petitioner after condoning delay
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