Filing of Form 10-IC Prior to ITR Filing is Not Mandatory: Allahabad HC Condones delay considering Genuine Hardship

The Allahabad High Court has condoned a delay in filing Form 10-IC, stating that its submission "prior to ITR filing is not mandatory," considering genuine hardship. Form 10-IC is essential for domestic companies opting for concessional tax rates. The court ruled that the provision requiring prior submission is directory, not mandatory, and if an assessee can demonstrate valid reasons for the delay (e.g., technical glitches, genuine inability), the tax authorities should consider condoning it. This pragmatic approach provides relief to companies facing genuine difficulties, preventing arbitrary denial of tax benefits on procedural grounds.