“Section 21(5)”
The decision most relied on for Section 21(5) is CIT v. K.S.P. Shanmugavel Nadai and Ors. (153 ITR 596), cited in 171 judgments on BharatTax.
Leading authorities on Section 21(5)
Where a reasonable cause for delay in filing an appeal exists, the period of delay may not be a relevant factor for condonation. The court has condoned even substantial delays, such as nearly 21 years, based on the presence of a reasonable cause.
An order passed by the CIT under Section 12A of the Income Tax Act is quasi-judicial. Until October 1, 2004, there was no express provision in the Act for the CIT to cancel a registration certificate once granted.
The 'book profit' for the purpose of Section 115JA of the Income Tax Act, 1961, is the net profit as shown in the profit and loss account prepared in accordance with the Companies Act, 1956.
