Tax / Income Tax : Principles of Interpreting S.115BAA of Income-tax Act, 1961 For Domestic Companies

Tax / Income Tax : Principles of Interpreting S.115BAA of Income-tax Act, 1961 For Domestic Companies

In case of Kworks Technologies Pvt Ltd v. DCIT [2025] GCtR 1490 (ITAT, Delhi), the reason given for the delay was bonafide where due to the search, the delay occurred in the preparation of the final accounts which lead to the delay in filing the Form 10IC as well as the return of income. It was held that "delay in filing of Form 10-IC, being a procedural requirement, should not invalidate the assessee's right to claim the benefit of S.115BAA of the Income-tax Act, 1961".