Wp/3138/2004 Of Rasiklal A.sanghvi v. Commissioner Of Income-Taxand Ors

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. WRIT PETITION NO.3138 OF 2004 Rasiklal A. Sanghvi v/s. The Commissioner of Income-tax,Mumbai-XVI, Mumbai & ors. .. Petitioner .. Respondents Mr.P.R.Toprani for petitioner. Mr.B.M.Chatterjee with Mr.R.Asokan i/by Mr.T.C.Kaushik for respondents. CORAM: R.M.LODHA ANDJ.P.DEVADHAR, JJ. DATED:14thDecember, 2004 P.C. Heard. 2. Rule. Returnable forthwith. 3. The advocate on record for the revenue waives service. 4. Rule is treated on board for final hearing at this stage. 5. Having considered the available material andall the aspects, we are of the view that theapplication made by the petitioner seekingextension under section 80HHC (2)(a) of the IncomeTax Act, 1961 for realisation of the outstanding export proceeds requires reconsideration by theCommissioner of Income Tax, Mumbai-XVI, Mumbai. Itis so because it is apparent from the particularsavailable on record that the payment has beenreceived though belatedly from the concerned party.The petitioner in the application seeking extensionunder section 80HHC (2)(a) for realisation of theoutstanding export proceeds set out the ground thatdue to poor financial condition of the purchaser,he was unable to bring the convertible foreignexchange within time. The fact that the paymenthas been received suggests that it was beyond thecontrol of the petitioner in realising the exportproceeds within time. We are of the view that thematter requires reconsideration by the Commissioner. 6. We, accordingly, set aside the order dated 16thMarch, 2004 impugned in the present writ petitionand direct the Commissioner of Income Tax,Mumbai-XVI, Mumbai to reconsider the petitioner’sapplication seeking extension under section 80HHC(2)(a) in accordance with law. Liberty to thepetitioner to apply to the concerned assessingofficer for revocation of the notice under section 148 of the Income Tax Act, 1961 dated 17th March, 2004. 7. Rule is disposed of in the aforesaid terms. No costs. (R.M.LODHA, J.) (J.P. DEVADHAR, J.)