1996 (1) TMI 51 - HC - Income Tax

Summary

The High Court of Delhi in the case of an exporter of garments for the assessment year 1991-92 set aside the Commissioner of Income-tax's order for rejecting an application seeking extension of time to bring foreign exchange into India. The court referred to a Supreme Court decision in CIT v. Ajanta Electricals [1995] 215 ITR 114, stating that applications for extension of time after the expiry of the allowed period are valid. The Commissioner of Income-tax was directed to reconsider the application following the law and the Supreme Court's order.