SC to decide on extension of time-limit for installment payment under IDS, 2016

SC issues notice to Revenue upon SLP filed by assessee against HC's denial to grant extension of time for payment of third installment under the Income Tax Declaration Scheme, 2016 [IDS,2016]; The assessee had filed declaration of undisclosed income under the IDS, 2016 but was unable to pay the third instalment of tax, surcharge and penalty within the stipulated time and had sought extension of time before HC by way of a writ petition, which was rejected;HC had ruled that mere involvement in office work and marketing activities cannot be a good justification and ground to seek and ask for extension of time; HC had further held that “the petitioners have not made out an extraordinary case which would have justified invoking writ jurisdiction and grant of further time beyond the time, even assuming that the time stipulated under the Scheme could be extended by the Board u/s. 119(2) of the Income Tax Act, 1961.”;SC lists the matter after two weeks from the date of this order and in the interim, directs assessee to deposit the tax under third instalment with interest @ 12%p.a. till date.