VIKRAM OVERSEAS P LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) LEARNED counsel for the petitioner submits that the matter can be disposed of in the light of the decision of the Supreme Court in CIT vs. Ajanta Electricals (1995) 126 CTR (SC) 144 : (1995) 215 ITR 114 (SC).

(2.) THE petitioner is an exporter of garments. The assessment year in question is 1991 -92 which ended on 31st March, 1991. On 26th Nov., 1991, it filed an application seeking extension of time up to 31st Dec., 1991, for bringing foreign exchange into India in respect of the export which it had made. The petitioner thereafter filed another application dt. 11th Dec., 1991, reiterating its earlier request for extension of time.

(3.) IN view of the aforesaid decision of the Supreme Court in CIT vs. Ajanta Electricals (supra), the order of the CIT needs to be set aside. In the aforesaid decision, the Supreme Court observed as under :