Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
The dominant issue is whether delay in filing Form No.10-IC, necessary to claim the concessional tax rate under Section 115BAA, can be condoned under Section 119(2)(b). The court held that Section 119(2)(b) empowers the CBDT (and its delegate) to condone such delay, relying on analogous High Court decisions; because non-condonation would extinguish the petitioner's substantive right to the Section 115BAA benefit and the petitioner demonstrated genuine hardship, the impugned refusal was quashed and the delay in filing Form No.10-IC was condoned. - HC
The dominant issue is whether delay in filing Form No.10-IC, necessary to claim the concessional tax rate under Section 115BAA, can be condoned under Section 119(2)(b). The court held that Section 119(2)(b) empowers the CBDT (and its delegate) to condone such delay, relying on analogous High Court decisions; because non-condonation would extinguish the petitioner's substantive right to the Section 115BAA benefit and the petitioner demonstrated genuine hardship, the impugned refusal was quashed and the delay in filing Form No.10-IC was condoned. - HC
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