https://www.taxtmi.com/caselaws?id=758950 The Gujarat HC allowed a petition challenging rejection of condonation application for 361-day delay in filing Form 10B under Income Tax Act. The court found the authority's interpretation of CBDT Circular No.10 to be faulty. The authority incorrectly interpreted that Form 10B should be "filed" before return filing, whereas the circular required it to be "obtained" before return filing. Since the petitioner had obtained the audit report before filing the return, they were entitled to delay condonation under clause 4(i) of the circular. The HC quashed the impugned order for being contrary to law and the CBDT circular. en-us Fri, 23 Aug 2024 00:00:00 +0530 Sat, 21 Sep 2024 08:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758950 The Gujarat HC allowed a petition challenging rejection of condonation application for 361-day delay in filing Form 10B under Income Tax Act. The court found the authority's interpretation of CBDT Circular No.10 to be faulty. The authority incorrectly interpreted that Form 10B should be "filed" before return filing, whereas the circular required it to be "obtained" before return filing. Since the petitioner had obtained the audit report before filing the return, they were entitled to delay condonation under clause 4(i) of the circular. The HC quashed the impugned order for being contrary to law and the CBDT circular. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758950