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HC allowed the petition challenging CBDT's rejection of delay condonation for income tax return filing. The court found no lapse by the petitioner and determined that non-condonation would cause genuine hardship, potentially frustrating the resolution plan approved by NCLT. The impugned order dated 3.11.2023 rejecting the application under section 119(2)(b) for Assessment Years 2018-19 and 2019-2020 was quashed and set aside, effectively permitting the corporate debtor to carry forward previous year's losses as per the resolution plan.
HC allowed the petition challenging CBDT's rejection of delay condonation for income tax return filing. The court found no lapse by the petitioner and determined that non-condonation would cause genuine hardship, potentially frustrating the resolution plan approved by NCLT. The impugned order dated 3.11.2023 rejecting the application under section 119(2)(b) for Assessment Years 2018-19 and 2019-2020 was quashed and set aside, effectively permitting the corporate debtor to carry forward previous year's losses as per the resolution plan.
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