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Issues: (i) Whether assessment orders passed under Section 62 are to be deemed withdrawn where returns and payments are filed within the extended 120-day period or after condonation of delay; (ii) Whether a subsequent amendment extending the time-limit operates retrospectively to benefit delayed filers.
Issue (i): Whether assessment orders under Section 62 are to be deemed withdrawn where returns and payment (including late fee and interest) are filed within the extended period or by condonation of delay.
Analysis: The Court examined the timing of return filing and payments against the statutory period in Section 62 and the effect of subsequent compliance. The Court considered that where returns and requisite payments, including late fee and interest, are made within the applicable statutory period or within an extended/condoned period, the statutory mechanism for deeming withdrawal under Section 62 is triggered. The Court also relied on precedents permitting condonation of delay in comparable circumstances.
Conclusion: Assessment orders under Section 62 are to be deemed withdrawn in favour of the assessee where returns and payment (including late fee and interest) are filed within the extended or condoned period.
Issue (ii): Whether an amendment extending the time-limit for compliance operates retrospectively to benefit a taxpayer who filed belatedly under the earlier period.
Analysis: The Court considered the retrospective operation of the amendment extending the time-limit and its application to the facts. The Court treated the subsequent amendment as operating to the benefit of the delayed filer for the relevant period, thereby validating compliance effected within the extended timeframe created by the amendment.
Conclusion: The subsequent amendment extending the time-limit is taken to operate retrospectively for purposes of benefitting the filer, and accordingly supports deeming the assessment order withdrawn.
Final Conclusion: The assessment orders are declared deemed withdrawn subject to verification and payment of any outstanding late fee and interest within the period fixed by the Court, resulting in relief to the assessee on the substantive issues decided.
Ratio Decidendi: Where returns and tax payments (including late fee and interest) are made within the statutory period as extended or within a period condoned by the court, and where a subsequent amendment extends the statutory time-limit, the assessment passed under Section 62 is to be treated as deemed withdrawn; the amendment may operate retrospectively to the benefit of the taxpayer for these purposes.
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