TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 681
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....Income Tax Act, 1961 (for short "IT Act") refusing to condone the delay of 247 days [mentioned as 295 days in prayer clause (a) of the Petition] in filing Form 10IC. 3. The Assessment Year in question is AY 2021-22. The Petitioner, filed its Return of Income under Section 139(1) of the IT Act on 14th March 2022 (i.e. one day before the due date of filing the Return). 4. The Petitioner's Return of Income was processed under Section 143(1) vide intimation dated 13th November 2022. In the said intimation, the claim under Section 115BAA was rejected and a demand of Rs. 11,25,423/- was raised on the Petitioner. This rejection was on the basis that the Petitioner had not furnished Form 10IC, which was mandatory for claiming the concessional rat....
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.... impugned order. Consequently, he submitted that the impugned order be set aside and the delay in filing Form 10IC be condoned. 7. On the other hand, Mrs. Bharucha, the learned Counsel appearing on behalf of the Revenue, submitted that no proper reason/ justification was given for the delay in filing Form 10IC as mandated under the IT Act and the Rules framed thereunder. She submitted that even if the contention of the Petitioner is accepted, there is a considerable gap between filing of Form 10IC and the condonation of delay Application, which remains unexplained. She submitted that the guidelines for condonation of delay under Section 119(2)(B) vide Circular No. 19/2023 dated 23rd October 2023 (relied upon by the learned Advocate for the....
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....Section 143(1)(a). Ironically, the impugned order does not refer to the Circular issued by the CBDT, and which is dated 23rd October 2023. 9. The Circular No. 19/2023 [F.No.173/32/2022-ITA-I], dated 23rd October 2023 can be found at page 224 of the paper book. For the sake of convenience, the said Circular is reproduced hereinunder:- "SECTION 119, READ WITH SECTION 115BAA OF THE INCOME-TAX ACT, 1961 AND RULE 21AE OF THE INCOME-TAX RULES, 1962 - CENTRAL BOARD OF DIRECT TAXES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES CONDONATION OF DELAY IN FILING FORM NO. 10-IC FOR ASSESSMENT YEAR 2021-22 CIRCULAR NO. 19/2023 [F.NO. 173/32/2022-ITA-I], DATED 23-10-2023 In exercise of the powers conferred under section 119(2)(b) of the Income-tax Act,196....
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....r is later." (emphasis supplied) 10. As can be seen from the Circular, there were several representations received by the CBDT stating that From 10IC could not be filed for AY 2021-22 within the due date or the extended due date and, therefore, the delay in filing Form 10IC for AY 2021-22 may be condoned. The CBDT, on consideration of the matter, and with a view to avoid genuine hardship to the domestic companies in exercising the option under Section 115BAA of the Act, directed that the delay in filing Form 10IC for AY 2021-22 be condoned, provided the three conditions mentioned therein were satisfied. The first condition in the said Circular is that the Return of Income for relevant assessment year has to be filed on or before the du....
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.... justify the order on the basis that the said Circular did not apply to the present Assessee because its Return of Income was already processed under Section 143(1) and a demand of approximately Rs. 11 lakhs was raised on the Petitioner. We find that this argument holds no substance for the simple reason that the CBDT Circular does not put any such condition for condoning the delay. The CBDT Circular is unambiguous and stipulates that where an Assessee complies with the conditions mentioned in the Circular, the delay in filing Form 10IC needs to be condoned. Merely because the Return is processed under Section 143(1) would not dis-entitle the Assessee from seeking condonation of delay in filing Form 10IC. Similarly, we are unable to accept ....