TaxTMI 
TaxTMI 
2024 (4) TMI 1026
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....t's claim of the benefit u/s 115BAA of the Income-tax Act, 1961 [hereinafter referred as "Act"] for the relevant Assessment year [A.Y.] 2020-21 has been dismissed resulting in affirmation of assessment order dated 24.12.2021 passed u/s 143(3) r/w section 144B of the Act. 2. The brief facts leading to this appeal state that the appellant company filed its return of income electronically on 05.02.2021 for A.Y. 2020-21 declaring its total income of Rs. 43,62,97,650/-. The appellant's case was selected for scrutiny under CASS. The appellant assessee participated in the assessment proceedings after receipt of notice. The AO did not find any discrepancy in the aforesaid total income shown by the assessee in ROI. However, the AO found that the ....
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....illing till 31.03.2021) could not upload form 10-IC to exercise his option as prescribed under rule 21AE of the Income-tax Rules, 1962 [hereinafter called as the "Rule"] due to technical glitches. The same could be uploaded on 02.05.2021, which was permissible to be uploaded till 31.05.2021 in accordance with CBDT's Circular No. 06/2022 dated 17.03.2022. The Ld. CIT(A) has failed to appreciate the facts & erred in applying correct law. Appellant assessee has prayed to set aside the impugned order to this extent and to direct AO to compute appellant's tax liability on the basis of its option exercised in accordance with section 115BAA of the Act. 7. The Ld. DR has argued that the appellant company has not exercised its option for taxation....
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.... (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 clause (iia) of sub-section (1) of section 32 or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) or sub-section (2AB) of section 35 or section 35AD or section 35CCC or section 35CCD or under any provisions of "[Chapter VI-A other than the provisions of section 80JJAA or section 80M); (ii) without set off of any loss carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in ....
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....ction 115BAA by a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day April, 2020, shall be in Form No. 10-IC: (2) The option in form No. 10-IC shall be furnished electronically either under digital signature or electronic verification code. (3) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall- (i) specify the procedure for filing of Form No. 10-IC; (ii) specify the data structure, standards and manner of generation of electronic verification code, referred to in sub-rule (2), for verification of the person furnishing the said Form; and (iii) be re....
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....no dispute in respect of the fulfilment of condition (i) & (iii) stated in the above CBDT circular. According to condition (i) the return of income was filed by appellant on 05.02.2021 i.e. before last date of filling return u/s 139(1) of the Act. According to Condition No. (iii), form 10-IC was electronically uploaded by the assessee domestic company on 02.05.2021 i.e. before cut off date mentioned in CBDT circular i.e. 30.06.2022. 12. As far as the compliance of condition No. (ii) of CBDT circular by the appellant domestic company is concerned, the option by the appellant could be exercised only by uploading from 10-IC prescribed under Rule 21AE of the rules on 02.05.2021, the delay in uploading this form 10-IC was already condoned by ....