The Central Board of Direct Taxes (CBDT) has extended the time for filing compliance documents for the purpose of claiming any exemption from capital gains under sections 54 to 54GB of the Income-tax Act, 1961, for such compliances wherein the last date fell between 1st April 2021 to 28th February 2022. Such compliances may now be completed on or before 31st March 2023.
The above extension has been done vide Circular No. 1 of 2023 dated 6th January 2023. This circular further extends the time period which was earlier extended in 2021 vide Circular No. 12 of 2021 dated 25th June 2021.
The above extension has been granted in light of various representations filed before the CBDT in view of the then ongoing Covid-19 pandemic.
AUTHORED BY
More Insights
25-08-2026
12
min read
A Game of Treasure Hunt: Service of GST Notices and Orders under S. 169 of the CGST Act and the Emerging Split Among High Courts
Luxmi Traders addresses a fundamental question in GST adjudication: can a notice or order be treated as duly served merely because it is uploaded on the Common Portal? The Punjab and Haryana High Court held that portal-only service, absent the requisite statutory and notified basis, cannot by itself defeat a taxpayer’s remedies. With Madras and Allahabad adopting different approaches and Delhi subsequently applying Luxmi Traders, the issue reflects a significant divergence in judicial approach awaiting authoritative resolution.
24-07-2026
10
min read
‘Shylockian’ Lending is ‘Squeezing of Blood’: NCLT Moves Beyond Debt & Default to Reject a Section 7 Application
In a rare departure from the conventional debt-and-default enquiry under section 7 of the IBC, the NCLT, Kochi Bench rejected the financial creditors' petition after characterizing the underlying arrangement as a ‘Shylockian system’ of lending. This court ruling discusses Shylockian lending and examines the strength of the Tribunal's focus on the economic substance of the transaction against established legal principles governing admission under section 7 of the IBC.
10-07-2026
7
min read
Faceless Reassessment after S. 147A: What the Supreme Court Did – and Did Not – Decide
The Supreme Court's decision in Tej Pratap Singh does not settle the JAO–FAO controversy. Following Parliament's retrospective insertion of s. 147A, it remands the issue to the High Courts for fresh consideration. Faceless reassessment was never merely about moving tax files from paper to portal; it fundamentally changed the statutory authority responsible for communicating with the taxpayer, examining the record, drafting the order and completing the assessment. The real question now is how far a retrospective legislative clarification can go.