Form 10IC delay under section 115BAA may be cured where the taxpayer otherwise opted for concessional taxation.

Non-filing of Form 10IC with the return was treated as an inadvertent procedural lapse where the assessee had filed the return in time and had otherwise indicated an option for the concessional regime under section 115BAA. Reliance was placed on the CBDT circular permitting condonation of delay in filing Form 10IC and on Calcutta High Court guidance that the form requirement may be completed where the taxpayer has manifested the intention to opt for the scheme and satisfied the remaining conditions. The matter was remitted to the Assessing Officer to allow filing of Form 10IC and reconsider the consequential tax relief.

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Issues: Whether non-filing of Form 10IC along with the return of income barred the assessee from opting for the concessional tax regime under section 115BAA of the Income-tax Act, 1961.

Analysis: The return for the assessment year was filed within the prescribed time and the assessee had indicated its option to be taxed under section 115BAA. The omission to upload Form 10IC was treated as an inadvertent procedural lapse, and the Court relied on the CBDT circular condoning delay in filing Form 10IC as well as the recent Calcutta High Court decision holding that the form-filing requirement could be permitted to be completed where the assessee had otherwise manifested its intention to opt for the scheme and satisfied the remaining conditions. The matter was therefore restored to the Assessing Officer to enable filing of Form 10IC and reconsideration of the consequential relief.

Conclusion: Non-filing of Form 10IC did not, on the facts, disentitle the assessee from the benefit of section 115BAA, and the issue was remitted to the Assessing Officer for fresh consideration after permitting filing of the form.

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