Tax Benefit Preserved: Late Form 10IE Filing Doesn't Invalidate Concessional Rates Under Section 115BAC

ITAT Cochin allowed assessee's appeal regarding New Tax Regime under section 115BAC. Despite delayed Form 10IE filing, the Tribunal held the form's submission requirement as directory, not mandatory. Directed CPC to amend intimation and permit concessional tax rates, relying on precedent that timing of form submission does not disqualify tax benefit.

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The Appellate Tribunal (ITAT Cochin) allowed the assessee's appeal against the CIT(A)'s order denying the benefit of the New Tax Regime under section 115BAC of the Income Tax Act, 1961 for AY 2021-22. The key issue was the delayed filing of Form No.10IE, a prerequisite for claiming the concessional tax rates under the New Tax Regime.The Assessing Officer and CIT(A) had denied the benefit as the Form 10IE was not filed before the return of income. The Tribunal noted that the appellant had filed Form 10IE on 10.01.2024, after the due date, but the form was available with the CPC at the time of processing under section 143(1). Importantly, the Tribunal held that "it is not a mandatory requirement for filing of Form No.10IE but directory in nature." Therefore, the CPC was directed to amend the intimation to allow the benefit of the New Tax Regime, considering the Form 10IE already in its possession.The Tribunal relied on precedents including Akshay Devendra Birari v. DCIT and others, emphasizing the non-mandatory nature of Form 10IE filing timing. The appeal was allowed accordingly.

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