TaxTMI 
TaxTMI 
TaxTMI 
2025 (6) TMI 387
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....bove grounds of appeal before or at the time hearing, in the interest of natural justice." 3. Briefly stated the facts are that the assessee is an individual. For AY 2023-24, the assessee filed its return of income on 27.07.2023 declaring a total income at Rs. 26,07,690/-. The return was processed u/s 143(1) of the Income Tax Act, 1961 (the "Act") on 10.01.2024 by the CPC, Bengaluru/ Assessing Officer ("AO") accepting the income of Rs. 26,07,690/- returned by the assessee and charging tax liability under the old tax regime whereas the assessee had claimed taxation option u/s 115BAC of the Act as per new tax regime. 4. Aggrieved by the denial of benefit of new tax regime opted by the assessee in the intimation order passed u/s 143(1) of the Act, the assessee filed appeal before the Ld. Addl./JCIT(A). Before the Ld. Addl./JCIT(A) the appeal was filed with a delay of which was condoned by the Ld. Addl./JCIT(A) and the appeal was admitted for adjudication. During the course of appellate proceedings, in response to the notice issued by the Ld. Addl./JCIT(A), the assessee filed its written submissions which were duly examined and taken into consideration by the Ld. Addl./JCIT(A). The ....
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.... been exercised under section 115BAC for A.Y. 2022-23, the assessee is not eligible for lower rate of tax for the subsequent assessment years also subject to the other conditions provided under the Act. Hence, based upon the facts, the appellant's plea is rejected and the action of the A.O of charging tax under old tax regime is hereby upheld and confirmed. Thus, the grounds of appeal are hereby dismissed." 5. Dissatisfied, the assessee is in appeal before the Tribunal and all the grounds of appeal relate thereto. 6. The Ld. AR submitted that the Ld. Addl./JCIT(A) has dismissed the appeal of the assessee merely on technical ground. The assessee filed Form 10IE for AY 2022-23 on 20.09.2022 but the same was not accepted by the Ld. AO since it was belatedly filed (pages 1 to 3 of the Paper Booj refers). He submitted that the Ld. Addl./JCIT(A) therefore erred in confirming the order of the Ld. AO without appreciating the fact that belated Form10IE was already filed in previous AY 2022-23. He further submitted that IT portal does not allow filing of Form 10IE again once it has already been uploaded on the portal. This is a technical issue due to which the assessee could not furni....
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....regime to the assessee under the similar set of facts. The relevant observation and finding of the Tribunal is reproduced below: "7. We heard the ld. Sr. DR and perused the relevant material on record. The solitary issue that arises for our consideration in the present appeal is whether the CPC was justified in denying the benefit of New Tax Regime. Admittedly, the appellant had failed to submit the prescribed Form No.10IE in order to claim the benefit of New Tax Regime before the due date for filing the return of income. However, the appellant had filed the said form on 10.01.2024 on which date the CPC had processed the return of income u/s.143(1)(a) denying the benefit of New Tax Regime. In any event, it is not a mandatory requirement for filing of Form No.10IE but directory in nature. The Form No.10IE was very much available with the CPC and the CPC ought to have considered the same allowing the benefit of New Tax Regime. Therefore, we direct the CPC to amend the intimation by taking into consideration the Form No.10IE, as the same was available with the CPC at the time of processing the return of income. We order accordingly." 8.2 The case of the assessee also finds support....
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....charge and cess provided they do not avail specified deduction and incentives. The companies can opt for the concessional rate from AY 2020-21 onwards if they file Form 10IC within prescribed time limit. 11. A bare reading of section 115BAA of the Act provides that once the assessee opts for concessional tax rate, it shall also apply subsequent AY as well and cannot be withdrawn. The FAQ on Form 10IC issued by the Income Tax Department also suggests the same. 12. A perusal of tax regime under provision of section 115BAA of the Act gives a infallible impression that exercise of option to avail concessional tax rate provided under section 115BAA of the Act, creates a substantive right on the assessee. The option once exercised in any previous year cannot be withdrawn in later year. Once the assessee opted for taxation under section 115BAA of the Act and exercised, there can be no reason to deny the benefit in the years subsequent to the AYs in which the option was first exercised. Where the statute itself provides for incapacity of the assessee to withdraw the exercise of option, the requirement of filing Form 10IC in the subsequent year, in our considered view becomes an irrel....