https://www.taxtmi.com/caselaws?id=214349 The court allowed the writ petitions, quashing the Central Board of Direct Taxes' orders rejecting the petitioner's request to condone the delay in selling company shares. Relying on a previous judgment, the court emphasized the CBDT's power under section 119(2)(b) to grant relief even after the limitation period, especially to avoid genuine hardship. The court held that the CBDT failed to consider this provision, leading to the quashing of its orders. The matter was remanded for fresh disposal, emphasizing the importance of correctly interpreting statutory provisions to prevent genuine hardship. en-us Thu, 17 Nov 2011 00:00:00 +0530 Sat, 16 Jun 2012 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214349 The court allowed the writ petitions, quashing the Central Board of Direct Taxes' orders rejecting the petitioner's request to condone the delay in selling company shares. Relying on a previous judgment, the court emphasized the CBDT's power under section 119(2)(b) to grant relief even after the limitation period, especially to avoid genuine hardship. The court held that the CBDT failed to consider this provision, leading to the quashing of its orders. The matter was remanded for fresh disposal, emphasizing the importance of correctly interpreting statutory provisions to prevent genuine hardship. Case-Laws Income Tax Thu, 17 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214349