TaxTMI 
TaxTMI 
2022 (3) TMI 531
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....nically as provided under Section 115BAA of the Act read with Rule 21 AE of the Rules for the A.Y. 2020-21 and further be pleased to direct the respondent to reprocess the return of income of the petitioner for A.Y. 2020-21 in accordance with the provisions of Section 115BAA of the Act by condoning the delay occurred in filing the said Form; (b) Pending admission, hearing and final disposal of the petition, the Hon'ble Court be pleased to stay the operation, execution implementation of the demand of Rs. 1,05,18,030/- against the petitioner arising out of the impugned intimation dated 20.12.2021 communicated by the respondent under Section 143(1) of the Act for the A.Y. 2020-21; (c) any other and further relief deemed j....
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....l, at the option of such person, be computed at the rate of twenty-two per cent, if the conditions contained in sub-section (2) are satisfied: Provided that where the person fails to satisfy the conditions contained in subsection (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and subsequent assessment years and other provisions of the Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year and subsequent assessment years. (2) For the purposes of sub-section (1), the total income of the company shall be computed,-- (i) without any deduction under the provisions of section 10AA or claus....
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....sponding adjustment shall be made to the written down value of such block of assets as on the 1st day of April, 2019 in the prescribed manner, if the option under sub-section (5) is exercised for a previous year relevant to the assessment year beginning on the 1st day of April, 2020. (4) In case of a person, having a Unit in the International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, which has exercised option under sub-section (5), the conditions contained in sub-section (2) shall be modified to the extent that the deduction under section 80LA shall be available to such Unit subject to fulfillment of the conditions contained in the said section. Explanation.--For the purposes of this s....
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....f the Act. 5. He would submit that the omission on the part of the writ-applicant in fling the Form 10 IC electronically was not a deliberate act on his part and is going to prove very costly as the tax liability has been determined to the tune of Rs. 1,05,18,030/-. He would submit that it is a high pitched assessment. 6. In such circumstances referred to above, Mr. Dave, made a fervent appeal to this Court to issue an appropriate direction to the authority concerned to now permit him to file the Form 10 IC electronically and reprocess the return of income for the A.Y. 2020-21. 7. On the other hand Mr. M.R. Bhatt, the learned Senior Counsel has opposed this writ-application pointing out that the statutory legal remedy available to ....
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....lly. It is only upon filing of such Form 10 IC electronically that the department would be in a position to give effect to the provisions of Section 115BAA of the Act and process the return of income accordingly. 10. Having heard the learned counsel appearing for the parties and having gone through the materials on record, we are of the view that the writ-applicants should at the earliest file an appropriate application in writing addressed to the Principal Chief Commissioner/Chief Commissioner making a request to permit him to file the Form 10 IC electronically after condoning the delay in that regard so that the return of the writ-applicant can be re-processed or regular assessment can also be framed accordingly and the liability can b....