https://www.taxtmi.com/caselaws?id=765337 The ITAT Mumbai allowed the assessee's appeal regarding denial of reduced tax rate under Section 115BAA due to late submission of Form 10IC. The tribunal held that the assessee clearly demonstrated intention to opt for the new tax regime by declaring it in the return of income and Form 3CA, calculating tax at 22% without claiming deductions. Despite procedural non-compliance in filing Form 10IC before the due date, substantial compliance was evident. The tribunal noted that rejecting the option would cause genuine hardship and directed the AO to consider the Form 10IC on merits, referencing CBDT circulars extending due dates in previous years. The matter was remanded for fresh adjudication. en-us Mon, 27 Jan 2025 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765337 The ITAT Mumbai allowed the assessee's appeal regarding denial of reduced tax rate under Section 115BAA due to late submission of Form 10IC. The tribunal held that the assessee clearly demonstrated intention to opt for the new tax regime by declaring it in the return of income and Form 3CA, calculating tax at 22% without claiming deductions. Despite procedural non-compliance in filing Form 10IC before the due date, substantial compliance was evident. The tribunal noted that rejecting the option would cause genuine hardship and directed the AO to consider the Form 10IC on merits, referencing CBDT circulars extending due dates in previous years. The matter was remanded for fresh adjudication. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765337