Delhi HC Rejects Delay Condonation as Form 10-IC Application Was Filed Beyond Three-Year Limit

Mentaura Technologies Pvt Ltd Vs PCIT (Delhi High Court) The Delhi High Court dismissed a writ petition challenging the rejection of an application filed under Section 119(2)(b) of the Income Tax Act seeking condonation of delay in filing Form 10-IC for claiming concessional tax benefits under Section 115BAA for AY 2020-21. The petitioner had filed its return of income on 03.02.2021 but failed to furnish Form 10-IC within the prescribed time. Subsequently, on 20.01.2025, the petitioner sought condonation of delay relying on CBDT Circular dated 18.11.2024, stating that both directors of the com...