2005 (5) TMI 60

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....er the Income-tax Act, 1961, which contemplates that the assessee should apply within a period of six months from the end of the previous year or within such period as the competent authority may allow in this behalf. In this respect, para. 10 of the writ petition is relevant which is quoted below- "That the petitioner has moved an application seeking extension of time up to January, 1995, vide letter dated October 15,1994. The petitioner apprised the Department with the subsequent developments, i.e., efforts made towards realisation and further request for extension of time was made through several applications from time to time. In fact the following has been the position of realisation at different stages when applications for exte....

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....i.e., efforts made towards realisation and the evidence for furnishing application for further extension of time subsequently on October 15, 1994, January 28, 1995, May 10, 1995, and September 4, 1995." It is apparent that the petitioner had applied for extension of time on the ground that the entire amount in foreign exchange is realised and certified by the bank in a letter dated December 22, 1995. It is contended that in spite of rigorous efforts being made, the same yielded nothing. In para. 15 of the counter affidavit it is admitted that the first application filed by the petitioner on October 30, 1994, was allowed and similarly the second application was also allowed. The concerned authority, however, rejected the two applicatio....