https://www.taxtmi.com/caselaws?id=752449 The Bombay HC allowed a petition challenging CBDT's rejection of a condonation application under Section 119. The petitioner sought to file revised income tax returns based on recasted accounts ordered by NCLT under Section 130(2) of Companies Act, 2013, following statutory auditor resignation and unauthorized transactions discovery. The court found the Income Tax Department's objections frivolous, noting that NCLT had already approved the recasted accounts on MCA's application and these were filed with RoC. The HC issued mandamus directing respondents to allow filing of revised returns for assessment years 2015-16 to 2020-21 based on NCLT-approved recasted accounts, with petitioner required to file physical returns within 30 days. en-us Tue, 30 Apr 2024 00:00:00 +0530 Wed, 28 Aug 2024 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752449 The Bombay HC allowed a petition challenging CBDT's rejection of a condonation application under Section 119. The petitioner sought to file revised income tax returns based on recasted accounts ordered by NCLT under Section 130(2) of Companies Act, 2013, following statutory auditor resignation and unauthorized transactions discovery. The court found the Income Tax Department's objections frivolous, noting that NCLT had already approved the recasted accounts on MCA's application and these were filed with RoC. The HC issued mandamus directing respondents to allow filing of revised returns for assessment years 2015-16 to 2020-21 based on NCLT-approved recasted accounts, with petitioner required to file physical returns within 30 days. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752449