Court held that upon being properly advised, the assessee filed the correct return of income in the correct form for the assessment year 2009-10 on March 24, 2015 declaring a loss of Rs. 7,91,66,338. Thus, it was because of circumstances beyond its control that the assessee could not file the return of income under section 139(9) of the Act within the specified time. The assessee had made out a case of genuine hardship for admitting the claim after the expiry of the period specified under the Act. The Board ought to have exercised its powers under clause (b) of sub-section (1) of section 119 of the Act and condoned the delay in filing the return of income. The order dated May 30, 2018 passed by the Board under section 119(2)(b) was liable to be quashed. Circular No 9 of 2015 dt 9-06 -2015) Court also observed that rendering substantial justice is the paramount consideration of the Courts as well as the authorities rather than deciding on hyper technicalities. (2015) 374 ITR 25 (St). (AY.2009-10)
Surendranagar District Co-Operative Bank Ltd. v. DCIT (2019) 416 ITR 294/182 DTR 353/ 311 CTR 91 (Guj.)(HC) Editorial : SLP of revenue is dismissed DCIT v. Surendranagar District Co-Operative Bank Ltd. (2019) 416 ITR 296 (SC).
S. 119 : Central Board of Direct Taxes-Refund claims and carry forward the losses-Delay in filing of return-Refusal to condone the delay would cause genuine hardship to assessee-Rendering substantial justice is the paramount consideration of the Courts as well as the authorities rather than deciding on hyper technicalities.[S. 139(9)]