October 2022
CBDT — Condonation of delay — Delay in filing application before Board — Circular dated 9th June, 2015 prescribing limitation period of six years — Cannot have retrospective effect on pending application filed prior to date of issue of circular — Order rejecting application on basis of circular set aside — Matter remanded to Board
By K. B. Bhujle, Advocate
42 R. Ramakrishnan vs. CBDT
[2022] 446 ITR 308 (Kar.)
A.Y.: 2003-04
Date of order: 7th April, 2022
S. 119(2)(b) of ITA, 1961
CBDT — Condonation of delay — Delay in filing application before Board — Circular dated 9th June, 2015 prescribing limitation period of six years — Cannot have retrospective effect on pending application filed prior to date of issue of circular — Order rejecting application on basis of circular set aside — Matter remanded to Board
The assessee filed a nil return for the A.Y. 2003-04 claiming exemption of capital gains u/s 54EC of the Income-tax Act, 1961 arising on sale of its property on 3rd August, 2002 having invested Rs. 25 lakhs in specific bonds on 5th February, 2003. The Assessing Officer was of the view that the investment should have been made on or before 3rd February, 2003 and denied the benefit of section 54EC. Thereafter, the assessee filed a revision petition u/s 264 before the Commissioner challenging the levy of tax on capital gains with a prayer to condone the delay of two days in investing Rs. 25 lakhs in bonds contending that he was in Australia at that time and accordingly, there was a short delay for advising the remittance towards the bond.
The Commissioner declined to condone the delay of two days in making the investment in specified bonds. The assessee filed an application on 24th May, 2011 before the CBDT to direct the Assessing Officer to consider the ap
