The last Option if the filing of ITR was missed by 31 st March, 2018! 31 st March, 2018 was the last date to file ITR of A.Y. 2016-17 and 2017-18. In case the deadline was missed, a condonation of delay can be filed requesting the Income Tax Department to allow the filing of return. The department may allow or reject the application on the following basis: a) The claim is correct and genuine b) Case is based on genuine hardship on merits c) Income is not assessable in the hands of any other person under the Income Tax Act d) The refund has arisen as result of excess tax deducted or tax collected at source, advance tax or self-assessment tax . The time limit to file such application is six years from the end of the assessment year for filing the return and the application will have to be disposed by the department within six months from the end of the month in which the application is received as far as possible. For more information please refer CBDT Circular 9/2
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Case Law Update: Exemption u/s 54 against capital gain on sale of immovable property shall be granted even when the cheque is drawn before but cleared after the due date of filing return : Tribunal, Delhi Arun Kumar Jain Vs. ITO Order Date: 14.03.2018 The facts of the case were that in the P.Y. 2013-14, the Assessee sold an immovable property for Rs. 98.50 lakh purchased in the year 1998-99 at Rs. 13.45 lakh on which capital gain was created of Rs.62.39 lakhs. Further, the assessee purchased another property for which Rs. 50 lakh were paid in two installments in the month of April, 2014 and a cheque of Rs. 25 lakh was drawn against the purchaser on 30.07.2014 which was cleared on 01.08.2014. AO denied the exemption u/s 54 treating that the cheque was not cleared within the due date of filing return i.e. 31.07.2014 as stated in the said provisions and made addition of Rs. 12.93 lakhs. The Tribunal held that section 54 states that to claim the benefit of this section the