2024 (7) TMI 92

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....0-2021. 2. The assessee is in the business of textile, filed its return of income for the A.Y.2020-21 on 15.01.2021 declaring income as NIL. The assessee while filing return of income opted to be taxed as per provisions of Section 115BAA of the Income Tax Act,1961 (for short "the Act"). The return of income was processed by the Central Processing Centre, Bengaluru (for short "CPC") on 20.12.2021 and the income of assessee was taxed as per Section 115JB of the Act. The assessee was taxed as per section 115JB of the act for the reason that it had not filed Form No.10-IC, on or before the due date of filing of return of income. 3. Aggrieved by the order of A.O.s not assessing the assessee at concessional rate of tax under section 115BAA ....

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.... months from the end of the month in which the Circular is issued? 5. Heard learned Senior Standing Counsel Mr.Nikunt Raval for the appellant - revenue. Learned counsel submitted that section 115BAA of the Income-tax Act, 1961 was inserted by Taxation Laws (Amendment) Act, 2019 w.e.f. 01.04.2020. As per the said section, the income tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April,2020, shall, at the option of such person be computed at the rate of twenty-two percent, subject to satisfaction of conditions contained in sub-section (2) of Section 115BAA. As per sub-section (5) of Section 115BAA of the Act read....

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....ed such Form 10- IC on 29/01/2022, copy of acknowledgment of furnishing Form is filed on page No. 14 and 15 of the paper book. The only question for our consideration is whether non-filing of Form 10-IC on ITBA Portal is fatal to the assessee or not in availing the benefit of section 115BAA." 7. From the findings recorded by the Tribunal, it is noticed that the assessee while filing return of income opted to be taxed as per provisions of Section 115BBA of the Act. However, it could not upload Form No.10-IC on account of technical problem on ITBA portal at the relevant time. During relevant period, the time to file Form 10IC was extended up to 30.06.2022. The assessee filed such Form before Assessing Officer on 29.06.2022. The copy of suc....