Allowing the petition, the Court held that filing of Form 10-IC for availing benefit under section 115BAA, prior to filing of the return is not mandatory and if “genuine hardship” is shown then delay may be condoned and in this respect the provision of law shall be taken as a beneficial piece of legislation. An excessively precise and stringent approach to the application for condonation of delay under section 119(2)(b) by the Principal Commissioner was erroneous. The undeniable and tragic circumstances of successive family deaths of the person handling the assessee’s tax matters, as submitted by the assessee, unequivocally established a case of profound personal hardship that directly impaired the assessee’s ability to ensure timely compliance. To dismiss such a well-substantiated cause as insufficient for condonation not only negated the remedial intent of section 119(2)(b) but also constituted an arbitrary exercise of discretion, particularly when the assessee’s intent to avail of the beneficial provisions of section 115BAA was evident from its original return and audit report. The genuine hardship should be seen by the concerned Departmental authority since the assessee would not get benefit of concessional rate of tax under the Act, in respect of delay; therefore, the order passed by the Principal Commissioner, rejecting the assessee’s application for condonation of delay was quashed and set aside. The Principal Commissioner was directed to condone the delay and accept Form 10-IC and accordingly provide consequential relief to the assessee by recomputing its tax liability by taking into account Form 10-IC. (AY. 2020-21)