https://www.taxtmi.com/caselaws?id=775317 The HC allowed the assessee's appeal, directing the respondent to condone the delay in filing Form 10IC and to treat the belated Form 10IC for AY 2021-22 as valid for AY 2021. The court held that the option for concessional tax rate under Section 115BAA must be exercised at the time of filing the return via Form 10IC as per Rule 21AE, but due to technical issues, CBDT Circular No. 6/22 permitted late filing. The respondent erred in rejecting the application under Section 119(2)(b) by citing lack of power to condone delay. The court emphasized that Section 119(2)(b) aims to provide relief for hardships and directed reconsideration allowing the petitioner to avail the 22% tax rate benefit. en-us Tue, 15 Jul 2025 00:00:00 +0530 Mon, 20 Jul 2026 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775317 The HC allowed the assessee's appeal, directing the respondent to condone the delay in filing Form 10IC and to treat the belated Form 10IC for AY 2021-22 as valid for AY 2021. The court held that the option for concessional tax rate under Section 115BAA must be exercised at the time of filing the return via Form 10IC as per Rule 21AE, but due to technical issues, CBDT Circular No. 6/22 permitted late filing. The respondent erred in rejecting the application under Section 119(2)(b) by citing lack of power to condone delay. The court emphasized that Section 119(2)(b) aims to provide relief for hardships and directed reconsideration allowing the petitioner to avail the 22% tax rate benefit. Case-Laws Income Tax Tue, 15 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775317