Form 10-IC Condonation for AY 2020-21 Only Applicable to Company Opted for Lower Tax Rate u/s 115BAA: Delhi HC dismisses Petition

The Delhi High Court limited the benefits of Form 10-IC condonation only to companies opting for the Section 115BAA tax rate, dismissing a broader interpretation petition. The court clarified that the relaxation for condoning delays in filing Form 10-IC, which is crucial for companies to opt for a lower corporate tax rate, is specifically intended for companies that choose the special tax regime under Section 115BAA of the Income Tax Act. It rejected a petition seeking to extend this benefit more broadly, ensuring the specific intent of the provision is maintained.