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2004 (10) TMI 25 - HC - Income TaxApplication made by the petitioner on November 10, 1998 seeking extension under section 80HHC(2)(a) for realisation of outstanding export proceeds - explanation given by the assessee for the delayed receipt of proceeds for exports was Asian currency crisis in South-East Asian countries and devaluation of Hongkong dollar. - Commissioner seems to have overstretched the matter by observing that the assessee ought to have established with evidence that he was unable to bring the convertible foreign exchange for the reasons beyond control. - matter requires consideration by the Commissioner of Income-tax - Commissioner of Income-taxis directed to reconsider the petitioner's application
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