Delay in Form 10-IC Condoned as Procedural Lapse Cannot Defeat Section 115BAA Benefit: Bombay HC

Srivatsa Encivil Pvt. Ltd. Vs PCIT (Bombay High Court) The Bombay High Court allowed a writ petition challenging an order passed under Section 119(2)(b) of the Income-tax Act, 1961, which had rejected a company’s request for condonation of a 13-day delay in filing Form 10-IC for Assessment Year 2025-26. The rejection had resulted in denial of the concessional tax regime available under Section 115BAA. The petitioner, a construction company eligible to opt for the concessional tax regime under Section 115BAA, was required to file its return of income and Form 10-IC by 10 December 2025. Althou...