CA mistakenly identified sale agreement as sale deed: ITAT condones 498-day delay, remands capital gains matter

The ITAT condoned a delay of 498 days in filing the return where a chartered accountant (CA) had incorrectly treated a sale agreement as a sale deed for a capital gains case. The tribunal remanded the matter to the AO for fresh computation in line with correct document-classification and timelines. The ruling underscores that genuine errors in legal document interpretation may be excused if sufficiently explained, yet stresses the importance of accuracy in tax return classification, supporting documentation and strict adherence to deadlines for capital-gains assessment.