https://www.taxtmi.com/caselaws?id=794813 Delay in filing Form 10-IC under Section 119(2)(b) may be condoned where the assessee had exercised the option for concessional taxation in the return, paid tax at the concessional rate, and the omission was a bona fide, inadvertent lapse in the first year of operation. The Telangana HC noted that CBDT circulars addressing hardship in filing Form 10-IC reflected a liberal approach for cases where the return was filed on time, the Section 115BAA option was disclosed in the return, and genuine hardship was shown. On that basis, a rigid refusal to condone delay was inconsistent with the beneficial object of the provision, and the procedural omission should not by itself deny the Section 115BAA benefit. en-us Thu, 02 Jul 2026 00:00:00 +0530 Sat, 11 Jul 2026 08:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794813 Delay in filing Form 10-IC under Section 119(2)(b) may be condoned where the assessee had exercised the option for concessional taxation in the return, paid tax at the concessional rate, and the omission was a bona fide, inadvertent lapse in the first year of operation. The Telangana HC noted that CBDT circulars addressing hardship in filing Form 10-IC reflected a liberal approach for cases where the return was filed on time, the Section 115BAA option was disclosed in the return, and genuine hardship was shown. On that basis, a rigid refusal to condone delay was inconsistent with the beneficial object of the provision, and the procedural omission should not by itself deny the Section 115BAA benefit. Case-Laws Income Tax Thu, 02 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794813