TaxTMI 
TaxTMI 
2026 (4) TMI 1639
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....er dated 3rd July 2024 passed by Respondent No. 1, viz. the Central Board of Direct Taxes ("CBDT") rejecting the application of the Petitioner under Section 119(2)(b) of the Income-tax Act, 1961 ("the Act") to condone the delay of 23 days in filing Form 10-IC under Section 115BAA(5) of the Act for Assessment Year 2020-21. 3. For the Assessment Year ("A.Y.") 2020-21, owing to the COVID-19 pandemic, the time limit to file the return of income under Section 139(1) of the Act was extended up to 15th February 2021 [vide Notification No. 93/2020 dated 31st December 2020 issued under Section 3 of Taxation and Other Laws Amendments Act, 2020]. Similarly, the time limit to file a belated return of income under Section 139(4) of the Act was extend....
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....essee company has opted for taxation under Section 115BAA of the Act in "Filing Status" in "Part A-GEN" of the form ITR-6 for return of income. c. Form 10-IC is filed electronically on or before the 30.06.2022 or 3 months from the of the month in which Circular is issued whichever is later. 7. On 7th April 2022, the Petitioner filed an application for condonation of delay of 23 days in filing of Form 10-IC for A.Y. 2020-21. It was submitted that the delay was caused on account of the COVID-19 pandemic and termination of employees in the Finance and Accounts Department responsible for the aforesaid compliance. Accordingly, a request was made to condone the delay of 23 days in filing of Form 10-IC under Section 115BAA of the Act. ....
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.... the judgment of this Court in Gem Nuts & Produce Exports Co. (P.) Ltd. vs. PCIT [2025] 178 taxmann.com 256 (Bom.). 10. The learned Counsel for the Petitioner further submitted that A.Y. 2020-21 was the first year for applicability of Section 115BBA and the filing of Form 10-IC, and therefore, a lenient view of the matter was required to be taken, a fact which has been recognised by the CBDT in Circular No. 06/2022 while extending the time limit to file Form 10-IC for A.Y. 2020-21. In this regard, he placed reliance on the Judgment of this Court in case of Rama Industries Ltd. vs. PCIT [2026] 182 taxmann.com 846 (Bom.). 11. On the other hand, Mr. Subir Kumar, the learned Counsel for the Respondents, supported the impugned order and su....
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....that the Petitioner had not filed its return of income on or before the due date specified under Section 139(1) of the Act. However, it is equally true, as rightly pointed out by Mr. Thakkar, that there is no such requirement under Section 115BAA of the Act to claim the benefit thereof. In this regard, reliance has been rightly placed on the following observations of this Court in case of Gem Nuts & Produce Exports (supra): "...As far as the 1st condition is concerned, it is true that the Petitioner had not filed its return of income on or before the due date specified under Section 139(1) of the Act. However, as rightly pointed out by Mr. Gandhi, there is no such requirement under Section 115BAA of the Act to claim benefit under t....
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....ed subsequently on 31st March 2021 on the basis of draft accounts and draft tax computation indeed shows that the Petitioner's hardship was genuine and the delay was bona fide. Further, considering the length of delay, which is hardly 23 days, we are inclined to take a lenient view in the matter particularly bearing in mind that A.Y. 2020-21 was the first year of filing Form 10-IC and therefore a liberal view is required to be taken, which is indeed the reason why CBDT had issued the Circular No.06/2022 for condonation of delay. Our conclusion is supported by the decision of this Court in Rama Industries Ltd. (supra), wherein this Court condoned the delay in filing Form 10-IC for A.Y. 2020-21 being the first year of delay, observing thus: ....