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The HC quashed the order of the PCIT denying the benefit of Section 115BAA due to non-filing of Form 10-IC prior to the ITR, holding that the statutory discretion under Section 119(2)(b) must be exercised liberally to mitigate genuine hardship. The petitioner's demonstrated personal hardships, including successive family deaths, constituted sufficient cause for condonation of delay. The court emphasized that procedural delays should not defeat substantial justice, especially where the assessee's intent to claim the concessional tax benefit was clear. It held that filing Form 10-IC before the return is not mandatory and the delay in filing can be condoned if genuine hardship is established. Consequently, the respondent was directed to condone the delay and accept the Form 10-IC, thereby allowing the assessee's appeal and enabling them to avail the concessional rate under Section 115BAA.
The HC quashed the order of the PCIT denying the benefit of Section 115BAA due to non-filing of Form 10-IC prior to the ITR, holding that the statutory discretion under Section 119(2)(b) must be exercised liberally to mitigate genuine hardship. The petitioner's demonstrated personal hardships, including successive family deaths, constituted sufficient cause for condonation of delay. The court emphasized that procedural delays should not defeat substantial justice, especially where the assessee's intent to claim the concessional tax benefit was clear. It held that filing Form 10-IC before the return is not mandatory and the delay in filing can be condoned if genuine hardship is established. Consequently, the respondent was directed to condone the delay and accept the Form 10-IC, thereby allowing the assessee's appeal and enabling them to avail the concessional rate under Section 115BAA.
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