Tribunal Allows Reduced Tax Rate for Company After Accepting Late Form 10-IC Filing Due to Met Conditions.

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....Denial of benefit u/s 115BAA of reduced rate of tax @22% - Domestic Companies - Condonation of delay in filing of Form No. 10-IC by the assessee - The Appellate Tribunal carefully evaluates the submissions and the provisions of Circular No. 19/2023. It observes that the assessee has indeed fulfilled all the conditions mentioned in the circular for condoning the delay in filing Form No. 10-IC. Firstly, the assessee filed its income tax return within the due date specified under Section 139(1) of the Income Tax Act. Secondly, the option for taxation under Section 115BAA was duly exercised by the assessee in the filed return. Lastly, Form No. 10-IC was electronically filed within the extended timeline provided by the circular. - Given that the assessee has met all the prescribed conditions, the Appellate Tribunal concludes that the delay in filing Form No. 10-IC should be condoned.....