2025 (10) TMI 1311

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....or condonation of delay in filing its return of income for the Assessment Year 2018-19. The Petitioner is also seeking appropriate directions/orders to get the delay of 5 months in the filing of the said return of income for the A.Y.2018-19 condoned. 2. For the impugned A.Y., the due date for filing a return of income, in which return an Assessee was returning a loss, under Section 139(3) read with Section 139(1) of the Income Tax Act, 1961 (for short "the Act") was 31st October 2018. The Petitioner, however, filed its return belatedly on 30th March 2019 within the time permissible under Section 139(4). Accordingly, the Petitioner on 15th June 2023, in light of Respondent No.1's Circular No. 9 of 2015, filed an application for condonatio....

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.... fides of the claim of the Petitioner and its Chartered Accountant. 5. It is further contended by the Petitioner that if the delay is not condoned, then the Petitioner will suffer genuine hardship. It is stated that in the impugned year, the Petitioner had suffered a loss, and as per Section 80 of the Act, in order to carry forward the loss to the subsequent years in accordance with Section 72 of the Act, it is mandatory to file such a loss return of income in accordance with Section 139(3) of the Act, which in turn refers to the due date provided for in Section 139(1) of the Act. Accordingly, as the return of income was filed by the Petitioner beyond the due date of 31st October 2018, the Petitioner is deprived of claiming the carry for....

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....tioner, if condoned will result in the Revenue being prejudiced is unwarranted. This is because, Section 153(1B) extends the time for completing the assessment inasmuch as it is provides that:- "(1B). Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twelve months from the end of the financial year in which such return was furnished." Accordingly, an Order of assessment under Section 143 and 144 pursuant to a belated return where the delay is condoned in terms of Section 119(2)(b) can be made before the expiry of 12 months from t....

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....horities have stated that it may be possible that taxability of certain proceeds was not known to the CA and the assessee and that the CA sought legal opinion about the same, which was beyond its control in filing the ROI within the due date. The field authorities have further stated that a more diligent and disciplined taxpayer may have sought the legal opinion on time and could have filed its ROI within the due date, more so, if it wanted to carry forward the losses of the A.Y. 2018-19 to subsequent years". The Petitioner will otherwise suffer genuine hardship in such a case. Further, the apprehension of the learned Counsel for the Revenue is appropriately taken care of by the provisions of Section 153(1B) of the Act. The AO will have 12 ....