Case Law Details
PCIT Vs B.L. Kashyap And Sons Ltd. (Delhi High Court)
Introduction: The Delhi High Court, in the case of PCIT vs. B.L. Kashyap And Sons Ltd., delivered a significant ruling regarding the extension of time for the submission of Section 142(2C) Audit reports. The appellant, represented by the Revenue, challenged the order of the Income Tax Appellate Tribunal (ITAT) dated 30.09.2020 in five appeals spanning Assessment Years 2004-05 to 2008-09.
Grounds of Appeal: The appeals primarily focused on three substantial questions of law, including whether the Assessing Officer granted an extension under Section 142(2C) of the Income Tax Act, the nature of the power to extend time, and the validity of the Assessing Officer’s actions in conformity with the Act.
Assessment of A.Y.s: The ITAT, in its order, covered not only the appeals related to the mentioned Assessment Years (2004-05 to 2008-09) but also addressed appeals concerning A.Y.s 2002-03 and 2003-04, which were not contested.
Parallel Case of SSPL: The judgment also referred to a separate order concerning Soul Space Projects Ltd (SSPL). The issue revolved around the extension of time for submitting an audit report, questioning whether the CIT could extend the timeframe as per Section 142(2C).
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