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2017 (1) TMI 515 - HC - Income TaxExemption u/s 11 - Condonation of delay for extending the due date of filing of the return of the income and for giving notice to deposit accumulated amount - delay could be condoned for filing Form No.10, since the deposit of accumulation is made under Section 11(2), there is no provision in the circular to condone the delay - Held that:- When there is a specific provision enabling the Commissioner to condone delay even in respect of “investment of the money in the prescribed securities” if it is found to be on account of oversight, necessarily, the Commissioner can exercise the power under Section 119 (2)(b) of the Act. It is not confined to failure to give notice to the Income Tax Officer under Section 11(2) alone. Even under Clause (d) as extracted above, time can be extended under Section 11(2). There is no prohibition for condoning delay even if the deposit is made belatedly. Under such circumstances, it of the view that there is justification on the part of the petitioner to challenge Ext.P5. Accordingly, this writ petition is allowed. Ext.P5 is set aside and the 3rd respondent is directed to reconsider the matter afresh in the light of the observations made above and an order may be passed within a period of two months from the date of receipt of a copy of this judgment.
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