2026 (4) TMI 578

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....eshita Adamane a/w Adv. Saachi Bhiwandkar. For the Respondents/Revenue: Adv. Vikas Khanchandani.   P. C. 1. This Petition is filed under Article 226 of the Constitution of India whereby the Petitioner challenges the order dated 28th January 2026 passed by Respondent No. 1 under Section 119(2)(b) of the Income Tax Act, 1961, whereby the Petitioner's application for condonation of dela....

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....e Group Founder/Chairman disrupted the functioning of the Company. 4. As there was a delay in filing both the return of income as well as Form 10-IC, the Petitioner filed an application for condonation of delay on 24th December 2025 under Section 119(2)(b). 5. By the impugned order dated 28th January 2026, Respondent No. 1 rejected the application primarily on the ground that filing Form 10-....

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.... by undisputed facts, namely the demise of a key family member who was both the promoter and the father of one of the Directors. Therefore, the delay is neither deliberate nor mala fide. 9. The benefit under Section 115BAA is a substantive statutory benefit, whereas the filing of Form 10-IC is merely the mode of exercising such option and is thus a procedural requirement. It is well settled tha....

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....adopted an unduly technical and rigid approach by ignoring the short duration of delay, especially due to the exceptional circumstances leading thereto. There is a complete absence of any prejudice to the Revenue and such an approach defeats the very object and purpose of Section 119(2)(b) of the Income Tax Act, 1961. The denial of condonation results in the Petitioner being deprived of the conces....