2025 (1) TMI 511 - SCH - Income Tax

Condonation of delay in filing of revised return of income - CBDT rejecting petitioner s application u/s 119 - delay in filing the returns of Income based on the recasted accounts - Resignation by the statutory auditors happened before completing their term and reference made to unauthorised and undisclosed transactions - HC 2024 (5) TMI 502 - BOMBAY HIGH COURT decided when the order u/s 130 (2) of the Companies Act has been passed by the NCLT to recast the accounts on an application filed by the MCA, Government of India and the accounts have been recasted and accepted by the NCLT and also filed with the RoC under the Ministry of Corporate affairs, how could the Income Tax Department raise such frivolous objections that the delay in filing the returns of Income based on the recasted accounts should not be even condoned. Also Petitioner shall file physical returns of income based on books of account, revised/recasted under Section 130 (2) of the Companies Act, 2013, as taken on record by the NCLT for A.Y. 2015-16 to A.Y. 2020-21 before the JAO within 30 days from the date this order is uploaded. HELD THAT - Having heard the learned Senior counsel appearing for the petitioners and having gone through the materials on record, we see no reason to interfere with the impugned order passed by the High Court. Special Leave Petition is, accordingly, dismissed.

Summary

The Supreme Court, comprising Hon'ble Mr. Justice J. B. Pardiwala and Hon'ble Mr. Justice R. Mahadevan, issued an order regarding a Special Leave Petition. The Court, after hearing arguments from the petitioner's counsel, including Senior Advocate Mr. Rupesh Kumar and others, decided not to interfere with the impugned order from the High Court. Consequently, the Court dismissed the Special Leave Petition and disposed of any pending applications. The delay in filing was condoned.