Condonation Denial Invalid as CBDT Circular Cannot Be Applied Restrictively: Delhi HC

Vrg Electronics Pvt Ltd Vs PCIT (Delhi High Court) Whether, the rejection of application under section 119(2)(b) for condonation of delay in filing Form 10IC for exercising option under section 115BAA was justified, merely on the ground that the relevant assessment year was not specifically covered under the CBDT Circular, despite the existence of genuine hardship and the beneficial nature of the circular. Application under Section 119(2)(b) rejected – delay in filing Form 10IC – exercising the option under Section 115BAA – Genuine hardship u/s 119(2)(b) – scope of be...