Re: Date extension

Sir, although my query is not related to VSVS, but i take this opportunity to raise a very relevant question to the expert panel. Sir my question is under section 11 of IT Act. Wheher time for making investment of accumulated income (which has expired on 31.03.2020) is also entended to 30.06.2020. Investment could not be made disto Karoon lock down.
Thanx and regards.
Suneel Trivedi

Lex not cogit impossibila (law does not compel a man to do that which he cannot possibly perform) and impossibilum nulla oblignto est (law does not expect a party to do the impossible) are well known maxims in law and would squarely apply to the present case. In  ACIT v. Kamlakar Moghe (2015) 378 ITR 561 / 125 DTR 273 / 280 CTR 544 / (2016) 236 Taxman 439 (Bom.)(HC) Court held that if REC Bonds are not available during the prescribed period, time for investment has to be extended  . The same principle is applied in  CIT v. Cello Plast (2012) 76 DTR 439 / 209 Taxman 617 / 253 CTR 246 (Bom.)(HC). The assessee can make investment belatedly . The assessee can make an application to CBDT to condone the delay in making the investment. If CBDT rejects the application the assesee can approach High Court by filing writ against the order of the CBDT .

 

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