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Condonation of delay in filing of revised return of income - CBDT rejecting petitioner’s application u/s 119 - Acceptance of Recast Financials - The High Court criticized the CBDT for its refusal to accept the recast financial statements, noting that the non-acceptance was contrary to the principles of genuine hardship. The court highlighted that the petitioner's hardships were genuine and disregarded by the CBDT without substantial justification. - The court affirmed that the recasting of books under the Companies Act, mandated by the NCLT, should influence tax proceedings, contradicting the CBDT's stance that these are separate realms. - The HC directed the tax authorities to allow the filing of revised returns based on the recast financial statements and proceed accordingly.
Condonation of delay in filing of revised return of income - CBDT rejecting petitioner’s application u/s 119 - Acceptance of Recast Financials - The High Court criticized the CBDT for its refusal to accept the recast financial statements, noting that the non-acceptance was contrary to the principles of genuine hardship. The court highlighted that the petitioner's hardships were genuine and disregarded by the CBDT without substantial justification. - The court affirmed that the recasting of books under the Companies Act, mandated by the NCLT, should influence tax proceedings, contradicting the CBDT's stance that these are separate realms. - The HC directed the tax authorities to allow the filing of revised returns based on the recast financial statements and proceed accordingly.
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