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The HC quashed and set aside the impugned order under section 119(2)(b) and condoned a 15-day delay in filing Form 10IC for AY 2021-22. The court held that an assessee who files Form 10IC within the due date prescribed by section 139(1) is entitled to claim the concessional tax regime under section 115BAA even if the return of income is lodged after that due date, so filing the return within section 139(1) time is not a condition precedent to claiming section 115BAA. The HC further held Respondent possessed authority to condone delay notwithstanding non-compliance with Circular conditions, and, on facts of bona fide CA oversight and minimal delay, exercised leniency in favour of the Petitioner.
The HC quashed and set aside the impugned order under section 119(2)(b) and condoned a 15-day delay in filing Form 10IC for AY 2021-22. The court held that an assessee who files Form 10IC within the due date prescribed by section 139(1) is entitled to claim the concessional tax regime under section 115BAA even if the return of income is lodged after that due date, so filing the return within section 139(1) time is not a condition precedent to claiming section 115BAA. The HC further held Respondent possessed authority to condone delay notwithstanding non-compliance with Circular conditions, and, on facts of bona fide CA oversight and minimal delay, exercised leniency in favour of the Petitioner.
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