Genuine hardship in belated Form 10 filings requires justice-oriented consideration, enabling accumulation exemption claims where prescribed investments are established.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Genuine hardship in seeking condonation for delayed filing of Form No. 10 must receive meaningful, justice-oriented consideration where denial would defeat an accumulation claim despite investment of surplus in prescribed modes. CBDT Circular No. 7/2018 permits Commissioners to admit belated applications for the relevant assessment year if reasonable cause is established and accumulated funds satisfy the prescribed investment condition. The notes state that the condonation power under section 119(2)(b) advances substantial justice, while allowing consideration of unexplained or deliberate delay. On the stated facts, rejection of condonation was quashed and the delay was directed to be condoned, enabling the section 11 exemption claim.....