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TMI Blog1999 (4) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the Income-tax Officer is barred by limitation ?" Learned counsel Shri B. B. Naik has appeared for the Revenue whereas nobody has appeared for the applicant-assessee. For the assessment year 1973-74, the assessee had filed his return on August 14, 1973. As a matter of fact, he was expected to file his return before June 30, 1973, as his accounting year was ending on March 31, 1973. Before June 30, 1973, on June 20, 1973, the Central Board of Direct Taxes ("the CBDT"), issued a circular being Circular No. 113, granting extension of time for furnishing returns of income and net wealth for the assessment year 1973-74 till August 15, 1973, in cases where returns were due to be filed by June 30, 1973 or July 31, 1973. During the said ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn filed by the assessee was under the provisions of section 139(4) of the Act, the assessment ought to have been completed before March 31, 1976, as per the provisions of section 153 of the Act and as the assessment was not framed within the period of limitation prescribed under the provisions of section 153 of the Act, the order of assessment was bad in law. The Tribunal rejected the arguments referred to hereinabove and came to the conclusion that as the return was filed by the assessee within the period extended by the Central Board of Direct Taxes under its Circular No. 113, the return can be said to have been filed under the provisions of section 139(1) of the Act and not under the provisions of section 139(4) of the Act. Consequen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee furnishes his return within the period extended can it be said that the return was not furnished as per the provisions of section 139(1) of the Act ? Our answer to this question would be surely in the negative. After availing of the benefit of the discretion of the authority, the assessee cannot be permitted to say that the return furnished by him was not under the provisions of section 139(1) of the Act. In the instant case, the Central Board of Direct Taxes had exercised its power instead of leaving it to the Income-tax Officer. On account of the peculiar facts and circumstances prevailing at the relevant time, instead of giving instructions to all the authorities to grant extension to all assessees in the matter of furnishing ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of the Act, more particularly in the light of the proviso to section 139(1) of the Act and the circular of the Central Board of Direct Taxes referred to hereinabove, the revised return can be validly treated as a return filed under the provisions of section 139(5) of the Act and, therefore, it cannot be said that the assessment was not made within the time limit prescribed under the provisions of section 153 of the Act and, therefore, we are of the view that the assessment made by the Income-tax Officer was not barred by limitation. In view of the facts stated hereinabove, the assessment made by the Income-tax Officer was not barred by limitation and the Assessing Officer, was justified in framing the assessment on the basis of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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