https://www.taxtmi.com/caselaws?id=766710 The Telangana HC allowed a writ petition challenging CBDT's rejection of an application under Section 119 of the Income Tax Act seeking permission for reassessment after condoning delay. The court held the rejection was bad in law, following precedent from Bombay HC in CG Power case where similar relief was granted. The court found the petitioner company demonstrated genuine hardship and noted that Income Tax Department officers had initially agreed to condone delay and reassess. Significantly, the petitioner company voluntarily waived rights to claim any refund arising from reassessment for Assessment Years 2002-03 to 2008-09, ensuring no financial burden on Revenue. The court answered affirmatively that relief could be granted under Article 226, emphasizing the company's commitment to fair assessment without seeking monetary advantage. en-us Fri, 31 Jan 2025 00:00:00 +0530 Fri, 28 Feb 2025 18:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766710 The Telangana HC allowed a writ petition challenging CBDT's rejection of an application under Section 119 of the Income Tax Act seeking permission for reassessment after condoning delay. The court held the rejection was bad in law, following precedent from Bombay HC in CG Power case where similar relief was granted. The court found the petitioner company demonstrated genuine hardship and noted that Income Tax Department officers had initially agreed to condone delay and reassess. Significantly, the petitioner company voluntarily waived rights to claim any refund arising from reassessment for Assessment Years 2002-03 to 2008-09, ensuring no financial burden on Revenue. The court answered affirmatively that relief could be granted under Article 226, emphasizing the company's commitment to fair assessment without seeking monetary advantage. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766710