Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
A 53-day delay in filing Form 10-IC was held to be supported by bona fide reasons amounting to genuine hardship, because the taxpayer initially pursued start-up certification, then sought professional advice after refusal and arranged funds for self-assessment tax before opting for the section 115BAA regime. Applying a liberal construction of "genuine hardship" under section 119(2)(b) and the guidance in BM Malani, the Court found the delay neither deliberate nor tainted by mala fides. Refusal to condone would have denied an otherwise eligible taxpayer the section 115BAA benefit and caused substantial tax hardship. The impugned rejection was quashed and the competent authority was directed to accept the form for Assessment Year 2022-23.
A 53-day delay in filing Form 10-IC was held to be supported by bona fide reasons amounting to genuine hardship, because the taxpayer initially pursued start-up certification, then sought professional advice after refusal and arranged funds for self-assessment tax before opting for the section 115BAA regime. Applying a liberal construction of "genuine hardship" under section 119(2)(b) and the guidance in BM Malani, the Court found the delay neither deliberate nor tainted by mala fides. Refusal to condone would have denied an otherwise eligible taxpayer the section 115BAA benefit and caused substantial tax hardship. The impugned rejection was quashed and the competent authority was directed to accept the form for Assessment Year 2022-23.
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