2017 (1) TMI 515

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....ARTMENT, SRI.K.M.V.PANDALAI, INCOME TAX DEPARTMENT JUDGMENT Petitioner challenges Ext.P5 issued by the Commissioner of Income Tax denying condonation of delay under Section 119(2)(b) of the Income Tax, 1961. 2. The short facts involved in the writ petition would disclose that with respect to the assessment year 2010-11, petitioner had accumulated Rs. 28 lakhs for future application under Secti....

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....iling of the return of the income for the assessment year 2010-11 and for giving notice to deposit accumulated amount. This came to be rejected by Ext.P5 on the ground that though delay could be condoned for filing Form No.10, since the deposit of accumulation is made under Section 11(2), there is no provision in the circular to condone the delay. 3. Learned counsel for the petitioner places reli....

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....ommissioner to condone delay even in respect of "investment of the money in the prescribed securities" if it is found to be on account of oversight, necessarily, the Commissioner can exercise the power under Section 119 (2)(b) of the Act. It is not confined to failure to give notice to the Income Tax Officer under Section 11(2) alone. Even under Clause (d) as extracted above, time can be extended ....