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    Functional comparability in transfer pricing failed for MPS Ltd.; exclusion from comparables removed the adjustment.
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CBDT condones the delay in electronically filing Form No. 10AB...

Condonation of delay for Form 10AB filings under section 80G(5) enables merits-based disposal of pending applications.

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Income Tax July 3, 2026 Circulars
CBDT condones the delay in electronically filing Form No. 10AB for approval under clause (ii) of the first proviso to section 80G(5) where the form was furnished between 01.10.2025 and 31.03.2026, and authorises the jurisdictional Principal Commissioner or Commissioner to decide such applications on merits by 31.12.2026. Applications already rejected only because they were filed after 30.09.2025 are deemed to have had the delay condoned and must also be disposed of on merits by that date. The circular does not create any automatic entitlement to approval.

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Acts Income Tax