In Brief
The Supreme Court held that under section 142(2C) of the Income Tax Act, 1961, the assessing officer could extend the time for submission of an audit report without requiring an application from the assessee. The amendment to include suo moto extension powers was clarificatory, not substantive. The use of 'may' in the provision indicates discretionary authority. The Court remanded all appeals to the Income Tax Appellate Tribunal for decision on merits, finding that the assessing officer had authority to extend deadlines subject to statutory limits."
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