Delay could be condoned on the ground of Wrong Advice of Counsel

Facts of the case: The assessee filed return of income for the year under consideration declaring taxable income of Rs.2,23,430/- . In the return of income, the assessee had claimed Rs.5 lacs as exempt under section 10(10C) of the out of total amount of Rs.6,86,346/- being the amount of ex-gratia received by him from his the then employer , State Bank of Patiala at the time of his retirement under the scheme known as Exit Option Scheme floated by the State Bank of Patiala. The assessee had also received gratuity and leave encashment, which amount was also claimed by the assessee as deduction u...