[Income Tax] Filing Of Form 10-IC Prior To Filing Of Return Not Mandatory, Delay May Be Condoned In “Genuine Hardship”: Allahabad High Court

The Allahabad High Court has ruled that "filing of Form 10-IC prior to filing of return is not mandatory" and delay may be condoned in genuine hardship. Form 10-IC is crucial for domestic companies opting for a concessional tax rate under Section 115BAA or 115BAB of the Income Tax Act. The court held that while the form is essential, its submission prior to the ITR filing is directory, not mandatory. If a company can demonstrate "genuine hardship" for the delay, the tax authorities should condone it, promoting a pragmatic approach to compliance.