HC Mandates CBDT to Allow CG Power to File Revised Returns Based on Recast Financials

CG Power And Industrial Solutions Ltd. Vs ACIT (Bombay High Court) CG Power and Industrial Solutions Ltd. (hereafter “Petitioner”) challenged an order by the Central Board of Direct Taxes (CBDT) dated 29th February 2024, which rejected their application under Section 119 of the Income Tax Act, 1961, for condoning the delay in filing revised returns for Assessment Years (A.Y.) 2015-16 to 2020-21. Chronology and Context: Company Incorporation and Audit Issues: The Petitioner, incorporated in 1937, faced audit issues starting around 2018 when they sought loans from international lend...