2023 (10) TMI 331

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.... 2. This writ petition concerns Assessment Year (AY) 2021-22. 3. The petitioner, inter alia, seeks to assail the impugned assessment order dated 13.11.2022. 4. Counsel for the petitioner says that the petitioner/assessee has been subjected to a higher rate of tax only because it failed to comply with a condition stipulated under Section 115BAA of the Income Tax Act, 1961 [in short, "Act"]. 5. According to the counsel for the petitioner, if the option provided in section 115BAA was exercised in the manner provided in the said provision, it would have been taxed at the rate of 22% and not be subjected to the higher rate of 30%. 6. It is contended that one of the conditions prescribed under the said provision is that the petitione....

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....the benefit of a lower rate of tax. In support of this plea, learned counsel for the petitioner seeks to rely on the judgment of the Gujarat High Court dated 20.01.2022 in Rajkamal Healds and Reeds Pvt. Ltd. vs. Assistant Director of Income Tax (2022) 325 CTR (Guj) 476. For the sake of convenience, the relevant paragraphs of the judgment are extracted hereafter: "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 th....

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....ould be the recovery of the said amount. He would submit that but for the omission on the part of the writ-applicant in filing the Form 10 IC electronically, the liability would not have been as determined as reflected in the intimation under Section 143 (1) of the Act. In this regard we may only observe that if any steps are taken by the A.O towards recovery it is always open for the writ-applicant to file an application with a request to the AO to keep the demand in abeyance against such an assessment order and pray for stay of the recovery at least till the time the application that may be filed by the writ-applicant under Section 119 before the Chief Commissioner is decided one way or the other. 12. In view of the aforesaid, we....