Taxpayer Wins Challenge Against Tax Authority's Rejection of Return Filing Delay, Preserving Critical Financial Recovery Provisions

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....HC allowed the petition challenging CBDT's rejection of delay condonation for income tax return filing. The court found no lapse by the petitioner and determined that non-condonation would cause genuine hardship, potentially frustrating the resolution plan approved by NCLT. The impugned order dated 3.11.2023 rejecting the application under section 119(2)(b) for Assessment Years 2018-19 and 2019-2020 was quashed and set aside, effectively permitting the corporate debtor to carry forward previous year's losses as per the resolution plan.....