On a writ petition, the High Court allowed the petitions holding, inter alia, that when by the order under section 130(2) of the Companies Act, 2013 passed by the National Company Law Tribunal on an application filed by the Ministry of Corporate Affairs the accounts had been recast and accepted by the National Company Law Tribunal and also filed with the Registrar of Companies under the Ministry of Corporate Affairs, the Department could not raise frivolous objections and hold that the delay in filing the returns of income based on the revised books of account should not be even be condoned. SLP of Revenue is dismissed. (AY.2015-16 to 2020-21)
ACIT v. CG Power and Industrial Solutions Ltd (2025)472 ITR 642/ 303 Taxman 256 (SC) Editorial : CG Power and Industrial Solutions Ltd v. ACIT (2024)465 ITR 432 / 162 taxmann.com 315 (Bom)(HC)
S. 119 : Central Board of Direct Taxes- Circular- Delay in filing return- Condonation of delay- National Company Law Tribunal- Revised books of account- Genuine hardship- Power vested in Authority to be judicially exercised- The assessee could file before the jurisdictional Assessing Officer physical returns of income based on books of account revised under section 130(2) of the 2013 Act, as taken on record by the National Company Law Tribunal for the assessment years 2015-16 to 2020-21 within the time stipulated in this order- SLP of Revenue is dismissed. [S. 119(2)(b). 139(4), Companies Act, 2013, S. 130, Art. 136]
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