Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 113 - AT - Income TaxBelated return filed u/s 139(4) - limitation for exercising option u/s 11(2) - Held that:- In the facts of the present case and as observed from the assessment records, assessee had furnished the details under Form 10 before the assessment proceedings had been initiated. Therefore the assessing officer had the benefit of verifying claim of exemption during the pendency of assessment. On a careful reading of section 139 of the Act, we are of the opinion that subsection (1) and (4) of section 139 have to be read together and, on such a reading, it is very clear that return is filed within the specified period under subsection (4) has to be considered as having been made within the time prescribed in subsection (1) or subsection (2) of section 139 of the Act. In other words if a return is filed within the time specified under subsection (4) of 139 of the Act and the action contemplated by Explanation to section 11 (1) of the Act exercised in writing along with such a return filed under subsection (4) of section 139, the requirements of Explanation to section 11 (1) would stand satisfied. Appeal filed by the revenue stands dismissed.
|