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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the assessee was entitled to the concessional tax regime under section 115BAA of the Income-tax Act, 1961 on the basis that Form No. 10IC had been filed within the extended due date.
Analysis: The assessee produced the uploaded Form No. 10IC and the record showed that the form was filed on 06.05.2022, i.e. before the extended last date of 30.06.2022 granted by CBDT Circular No. 6/2022 dated 17.03.2022. The denial of the concessional rate was therefore not sustainable once timely filing within the extended period was established.
Conclusion: The assessee was held eligible for the concessional tax regime under section 115BAA, and the demand raised on that basis was directed to be deleted.
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