S. 119: Central Board of Direct Taxes-Circular-Charitable or religious trust-Form 10B-Delay in filing-COVID-19 pandemic, shortage of funds and staff and difficulties in accounting and audit constituted sufficient cause for condonation of delay.[S. 11, Form 10B, Art. 226]

S. 119: Central Board of Direct Taxes-Circular-Charitable or religious trust-Form 10B-Delay in filing-Delay of 15 days caused by redevelopment of premises and COVID-19 disruptions was to be condoned. [S. 11, Form 10B, Art. 226]

S. 115JB: Company-Book profit-Minimum Alternate Tax-Electricity company governed by the Electricity Supply Act, 1948-Provisions of section 115JB not applicable. [S.260A, Electricity Supply Act, 1948]

S. 115JA : Company-Book profit-Minimum alternate tax-Provision for doubtful debts-Amount receivable-Not a liability or reserve-Addition to book profit not permissible.[S.260A]

S. 115BAA: Tax on income of certain domestic companies-Concessional tax regime-Delay of 15 days-Condonation of delay in filing Form 10-IC-Filing return within the due date under section 139(1) was not a condition precedent for claiming benefit under section 115BAA-Order rejecting application for condonation was set aside, and delay in filing Form 10-IC was condoned. [S. 119, 139(1)., Art. 226]

S. 115BAA : Tax on income of certain domestic companies-Concessional tax regime-Form 10-IC-Condonation of delay-Conditions prescribed by CBDT Circular complied with-Delay condoned.[S. 119, 143(1), Rule 21AE, Form 10-IC, Art. 226]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-TPO failed to follow any prescribed method for determining ALP-Mistake could not be rectified in second innings-Appeal by Revenue-Low tax effect-CBDT Circular dated 15-3-2024-Monetary threshold of Rs. 2 crore applicable. [S.92B, 260A, 268A]

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Revocation of approval-Non-compliance with jurisdictional parameters in reopening proceedings; accordingly, impugned notification revoking approval and the reopening notice not interfered with. [Art. 226]

S. 79: Carry forward and set off losses-Change in shareholdings-Companies in which the public are not substantially interested-Company undergoing CIRP-Principal Commissioner had notice under section 79 and did not make any submissions when the resolution plan was approved; denial of carry forward of losses could not be sustained; further, availability of such losses would have been a factor considered by the resolution applicant in submitting its proposal, and therefore assessment proceedings were quashed and set aside. [The Insolvency and Bankruptcy Code, 2016, 2, 31, Art. 226]

S. 68: Cash credits-Search and seizure-Cash found-Failure to correlate seized cash with loose papers-Addition justified-Order of Tribunal affirmed.[S.260A]