Co-Accused Statements u/s 50 of PMLA Not Substantive Evidence, To Be Tested During Trial Not Bail Stage: Calcutta HC

The ITAT overturned a denial of exemption due to delayed filing of returns, deeming the filing timely due to the extended deadline granted by the authorities. The case involved a taxpayer who missed the original filing deadline but argued that the extended deadline due to extraordinary circumstances should apply. The ITAT ruled in favor of the taxpayer, holding that the extended deadline should be considered as the new timeline. This decision emphasizes the importance of fair treatment for taxpayers who are impacted by external delays and ensures that taxpayers are not penalized for delays caused by circumstances beyond their control.