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...
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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