9911796707
TMI Blog2024 (6) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... s was extended upto 15 February 2021. The respondent appears to have essentially borne in consideration the fact that although the financials for the year were duly finalized and signed on 31 July 2020, the Return of Income was ultimately filed only on 30 March 2021. More importantly, the recital of facts which appear under 7(iii) clearly demolish any assertion of financial constraints that may have befallen the assessee. No justification to interfere with the ultimate view that legislature has provided time limits for certain obligations under the Act and these time limits have to be observed to be able to claim those deductions, allowance and avoid interest and penalty. This cannot be termed as hardship but it is compliance requirements i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as taken into consideration the following facts: 7. Considering field report, submission and material available on record in light of section 119(2) of the Act, it is stated as under: i. Claim of delay due to COVID: Applicant has claimed that due to the constant challenges arising on account of the COVID-19 pandemic, it could not file the ITR for FY 2019-20 withing time. In this regard, it is submitted that during COVID timelines for tax compliance were extended repeatedly providing several opportunities to the applicant. In this case also, the last date for filing ITR was extended upto 15.02.2021, but even after the applicant has not filed its ITR within time. It is pertinent to mention that financials for the year under consideration were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gations within prescribed time frame. Thus, this justification of the applicant is not tenable and doesn t seems genuine and it cannot be construed that there were circumstances beyond the control in complying with tax obligations. iv. Requirement of law as per Section 80AC Deduction not to be allowed unless return furnished. Where in computing the total income of an assessee of any previous year relevant to the assessment year commencing on or after (i) the 1st day of April, 2006 but before the 1st day of April, 2018, any deduction is admissible under section 80-IA or section 80-IAB or section 80-IB or section 80-IC or section 80-ID or section 80-IE; (ii) the 1st day of April, 2018, any deduction is admissible under any provision of this C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be noted that the legislature has provided time limits for certain obligations under the Act and these time limits have to be observed to be able to claim those deductions, allowance and avoid interest and penalty. This cannot be termed as hardship but it is compliance requirements imposed by law in the interest of proper regulation of the Act. If these time limits were to be relaxed in a particular case on mere fact that a default occurred due to some inadvertence then there will be no sanctity of limitation prescribed by the legislature. Therefore, power of condonation u/s 119(2) can be exercised to deal with the extraordinary circumstances only which would have led to delay in statutory compliance and the same cannot be exercised routin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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