https://www.taxtmi.com/caselaws?id=17189 The High Court upheld the decision of the CIT to decline further extension of time under section 80HHC(2)(a) of the IT Act, 1961 for realisation of export sale proceeds. The court emphasized the need for judicious exercise of discretion by the CIT, considering the legislative mandate of timely foreign exchange conversion and the importance of balancing incentives with procedural timelines in tax assessments. The judgment highlighted that extensions cannot be granted indefinitely and must be supported by valid reasons to prevent undue delays in assessment proceedings. The court dismissed the writ petition, underscoring the significance of timely foreign exchange conversion for availing deductions. en-us Tue, 22 Apr 1997 00:00:00 +0530 Tue, 15 Sep 2009 16:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17189 The High Court upheld the decision of the CIT to decline further extension of time under section 80HHC(2)(a) of the IT Act, 1961 for realisation of export sale proceeds. The court emphasized the need for judicious exercise of discretion by the CIT, considering the legislative mandate of timely foreign exchange conversion and the importance of balancing incentives with procedural timelines in tax assessments. The judgment highlighted that extensions cannot be granted indefinitely and must be supported by valid reasons to prevent undue delays in assessment proceedings. The court dismissed the writ petition, underscoring the significance of timely foreign exchange conversion for availing deductions. Case-Laws Income Tax Tue, 22 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17189