Court Rebukes Tax Board for Denying Revised Tax Return Filing Due to Delay; Emphasizes Impact of Recast Financials.

Condonation of delay in filing of revised return of income - CBDT rejecting petitioner’s application u/s 119 - Acceptance of Recast Financials - The High Court criticized the CBDT for its refusal to accept the recast financial statements, noting that the non-acceptance was contrary to the principles of genuine hardship. The court highlighted that the petitioner's hardships were genuine and disregarded by the CBDT without substantial justification. - The court affirmed that the recasting of books under the Companies Act, mandated by the NCLT, should influence tax proceedings, contradicting the CBDT's stance that these are separate realms. - The HC directed the tax authorities to allow the filing of revised returns based on the recast financial statements and proceed accordingly. .....

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