2026 (4) TMI 923

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....er') whereby the petitioner's application under Section 119(2)(b) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961') was rejected. 2. The order impugned was passed pursuant to an application which was filed by the petitioner-assessee on 20.11.2025, wherein it had sought condonation of delay in filing Form 10IC (hereinafter referred to as 'the Form') for AY 2023-24, which is necessary for exercising the option under Section 115BAA of the Act of 1961. 3. By moving the application, the assessee had submitted that though it was required to furnish the Form by due date of return i.e., 31.10.2023, but due to a lapse on the part of the accountant, neither the return was filed by the due date, nor was the Form furnishe....

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....n contained two prayers-the first in relation to grant of refund and the other in relation to acceptance of the Form, only the Circular dated 18.11.2024 would apply. He emphasized that unless the petitioner's Form is allowed to be uploaded or accepted, the application for refund simpliciter would be of no avail, as for claiming adjustment or applicability of lesser rate of tax, the condition of furnishing of the Form, which is a condition precedent to claim benefit under Section 115BAA of the Act of 1961, has to be satisfied. 8. Heard learned counsel for the parties. 9. It is not disputed that the petitioner had filed its Return of Income on 30.12.2023 under Section 139(4) of the Act of 1961 during the extended period provided for fil....