Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form 10-IC for Assessment Year 2020-21

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....arch 2022 Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form 10-IC for Assessment Year 2020-21- Reg. Section 115BAA of the Income-tax Act, 1961 (the Act) was inserted by the Taxation Laws (Amendment) Act, 2019 w.e.f. 01.04.2020. As per the Section, the income-tax payable in respect of the total income of a person, being a domestic company, fo....

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.... to such person. 2. Representations have been received by the Board stating that Form 10-IC could not be filed along with the return of income for AY 2020-21. which was the first year of filing of this form. It has been requested that the delay in filing of Form 10-IC may be condoned. 3. On consideration of the matter, with a view to avoid genuine hardship to the domestic companies in exerci....