The Finance Bill proposes to amend section 260A(2) to empower the High Court to admit an appeal after the expiry of a period of 120 days if it is satisfied that there was a sufficient cause for not filing the appeal in time.
This amendment is proposed to be st retrospective from 1 October 1998. A similar amendment is being made in section 256(2A) to admit a reference beyond the period of six months on being satisfied about the
Salient features of the Finance Bill, 2010 by Ved Jain reasons for delay. This amendment is being made retrospectively, w.e.f., 1st June 1981. A corresponding amendment has been proposed in the Wealth Tax Act also.