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TMI Blog2025 (3) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... mis-directed itself in not examining if the failure to consider the claim of option to discharge tax under Section 115BAA on the ground of failure on the fact of the petitioner to file Form 10-IC within the period stipulated under Section 115BAA would cause "genuine hardship" to the petitioner/assessee and thus it is desirable as expedient to permit the petitioner to file Form 10-IC in support of its option under Section 115BAA and deal with the same on merit. The facts narrated supra leaves no room for doubt that the rejection of the petition under Section 119 (2) (b) to permit the petitioner to file Form 10-IC in support of its exercise of option under Section 115BAA of the Act would cause genuine hardship and it is desirable and expedie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Act. The petitioner, while filing its return in column 8, had opted for taxation under Section 115BAA of the Act. The relevant portion of the return is extracted hereunder FORM NO.3CD [See rule 6G(2)] Statement of particulars required to be furnished under Section 44AB of the Income Tax Act, 1961 1 Name of the assessee MRF Limited 2 Address 114, MRF House, Greams Road, Thousand Lights, Chennai, Tamil Nadu, 6000006 3 Permanent Account Number (PAN) AAACM4154G 4 Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, goods and services tax, customs duty, etc. if yes, please furnish the registration number or GST number or any other identification number allotted for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... na fide impression that the above requirement viz., filing of Form 10-IC had already been complied with. 4. It is submitted by the learned counsel for the petitioner that the petitioner's income tax return for the assessment year 2020-21 was not processed and the petitioner was not served with any intimation under Section 143(1) of the Act, denying the option of income tax under Section 115BAA of the Act. The petitioner became aware of the non-filing of Form 10-IC, only when the petitioner tried to file its return of income for Assessment Year 2022-23, adopting once again the provision of Section 115BAA of the Act, the petitioner noticed that for the first time a functionality had been introduced by which the information regarding the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by this Court in W.P.No.3425 of 2024 dated 13.11.2024 wherein after referring to various case laws on the scope of the expression "genuine hardship", it was found that there was substantial compliance inasmuch while filing the return it was stated that the petitioner had opted to pay taxes under Section 115BAA of the Act which is the case here as well. In this regard, it may be relevant refer to the following order: "......... 13. The expression "genuine hardship" had come up for consideration on more than one occasion before various Court, including this Court and the Apex Court. It appears that it has been consistently held that the power conferred under Section 119 (2) (b) of the Act, ought to be exercised liberally provided circums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, deduction, refund or any other relief under the Act after the period specified under the said Act, for making such application or claim, if it is considered by the Board to be desirable or expedient so to do for avoiding genuine hardship in any case or class of cases. 11........................if the circumstances set out under Section 119 (2) (b) of the Act exist, a duty is cast on the Assessing Officer to exercise its power under Section 119 (2) (b) of the Act. It is trite law that vesting of power in an authority results in imposition of duties on that authority to exercise that power in a manner which would advance the purpose for granting/vesting of such power. In other words, this Court is of the view that the power under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the conditions or requirements that are important to invoke a tax or duty exemption and to forgive non-compliance for either unimportant and tangential requirements or requirements that are so confusingly or incorrectly written that an earnest effort at compliance should be accepted." 17. In the circumstances this Court is of the view that the Respondent Authority/Board has completely mis-directed itself in not examining if the failure to consider the claim of option to discharge tax under Section 115BAA on the ground of failure on the fact of the petitioner to file Form 10-IC within the period stipulated under Section 115BAA would cause "genuine hardship" to the petitioner/assessee and thus it is desirable as expedient to permit the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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