9911796707
TMI Blog2024 (6) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 January 2024 in terms of which the Central Board of Direct Taxes ["CBDT"] has refused to invoke the powers of condonation of delay for the Return filed by the petitioner for Assessment Year ["AY"] 2020-21 as otherwise conferred in terms of Section 119(2) of the Income Tax Act, 1961 ["Act"]. 4. While dealing with the prayer for condonation as was made, the authority has taken into consideration the following facts: "7. Considering field report, submission and material available on record in light of section 119(2) of the Act, it is stated as under: i. Claim of delay due to COVID: Applicant has claimed that due to the constant challenges arising on account of the COVID-19 pandemic, it could not file the ITR for FY 2019-20 withing time. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... &L for the year ending 2020, the applicant has shown profit for the year 248.05 million which is more than previous year. Also, as per the cash flow statement for year ending 2020, total cash equivalents were recorded as 123.35 million. This positive cash flow contradicts the claim of financial crunch. The applicant could have engaged in proactive financial planning to meet its tax obligations within prescribed time frame. Thus, this justification of the applicant is not tenable and doesn't seems genuine and it cannot be construed that there were circumstances beyond the control in complying with tax obligations. iv. Requirement of law as per Section 80AC Deduction not to be allowed unless return furnished. Where in computing the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial constraints that may have befallen the assessee. 6. We find no justification to interfere with the ultimate view which has been taken and which stands succinctly encapsulated in para 9 of the impugned order and where the authority has spoken of the imperatives and necessity of ensuring statutory compliance with the timeframes which otherwise stand constructed under the Act, as follows:- "9. It should be noted that the legislature has provided time limits for certain obligations under the Act and these time limits have to be observed to be able to claim those deductions, allowance and avoid interest and penalty. This cannot be termed as hardship but it is compliance requirements imposed by law in the interest of proper regulation of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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