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TMI Blog2023 (4) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... r has declared the transaction, and a strong case of bonafide error in not claiming the benefit of TDS in the assessment year 2018-19 is established. Though the impugned order cannot be found fault with because of the ambiguous language employed by the petitioner, in the circumstances of the case, the impugned order must be quashed condoning the delay and permitting the petitioner to file revised returns within three months from the date of receipt of certified copy of this order. As the petitioner is being permitted to file revised returns on condonation of delay, if there is any occasion for the respondents to initiate proceedings u/s 143[2] for framing of assessment u/s 143[3] petitioner must be precluded from raising the defence of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be accepted based on the ROI which is not revised as there is no provision in the IT Act in that regard. Sri. Madhusudhan U A, the learned counsel for the petitioner, and Sri. K V Aravind, the learned standing counsel for the respondent, are heard for final disposal. 3. The petitioner has entered into a Joint Development Agreement on 19.02.2018 with M/s. Radiance Realty Developers India Limited [the Developer] for development of residential properties in Chennai. The Developer has paid advances and deducted a sum of Rs. 18,54,000/- as TDS. Though this receipt and deduction is reflected in Form 26AS for the assessment year 2018-19, the benefit thereof is not claimed in the ROI for such year. With the completion of the project and sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficient cause for condonation of delay and the delay must be condoned with leave to the petitioner to file revised ROI, the respondents must be protected against a possible defence of delay in initiation of the proceedings for the purposes of Section 143[3] of the IT Act. 7. As could be seen from the petition averments, the receipt of advances and the deduction of Rs.18,54,000/- under Section 195A of the IT Act is reflected in the corresponding Form 26AS filed but the TDS is not claimed under the impression that it is not required as the deduction is towards advance as against income which is realized only with the sale of the apartments when capital gains are offered during the assessment year 2021-22. The petitioner has declared the t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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