https://www.taxtmi.com/highlights?id=93355 The HC allowed the petition and directed condonation of delay under section 119(2)(b) for filing the return of income, holding that refusal would cause genuine hardship and frustrate the NCLT-approved resolution plan. The court found the petitioner assumed management only after approval of the resolution plan, promptly audited accounts and filed returns, and faced administrative impediments including prior non-audit and GST cancellation (later restored). The HC emphasized that denying carry-forward rights would nullify the resolution plan binding on authorities; it did not adjudicate entitlement to losses but granted relief to effectuate the resolution process and avoid genuine hardship to the petitioner. en-us Wed, 15 Oct 2025 08:27:09 +0530 Wed, 15 Oct 2025 08:27:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93355 The HC allowed the petition and directed condonation of delay under section 119(2)(b) for filing the return of income, holding that refusal would cause genuine hardship and frustrate the NCLT-approved resolution plan. The court found the petitioner assumed management only after approval of the resolution plan, promptly audited accounts and filed returns, and faced administrative impediments including prior non-audit and GST cancellation (later restored). The HC emphasized that denying carry-forward rights would nullify the resolution plan binding on authorities; it did not adjudicate entitlement to losses but granted relief to effectuate the resolution process and avoid genuine hardship to the petitioner. Highlights Income Tax Wed, 15 Oct 2025 08:27:09 +0530 https://www.taxtmi.com/highlights?id=93355