TaxTMI 
TaxTMI 
TaxTMI 
2023 (12) TMI 1460
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....January 24, 2023 passed by the Ld. CPC, Bengaluru u/s 154 r.w.s 143(1) of the Act. 2) In the facts of the case and under the circumstances, the Hon'ble NFAC erred in not appreciating the fact that once the impugned Form 10IC was not filed before filing the income-tax return form, there presently is and earlier was no option to fie the said Form 10IC belatedly, as per the extant schema prepared and implemented by the Ld. Income-tax Department for e-filing of the income-tax forms. 3) Without prejudice to the above, in the facts of the case and under the circumstances, the Hon'ble NFAC erred in upholding that the application of normal income-tax rate of 25% could not be considered even though the turnover of your appellant for FY....
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....d opted for the concessional rate of tax @ 22% u/s 115BAA of the Act by marking the tick in relevant column of ITR i.e. item no. (e) of Part-A- General-Filing Status, but, due to inadvertent omission on the part of employee of assessee in not uploading of Form 10-IC, the option made in relevant column of ITR, was not accepted by the CPC; and it computed the tax liability of the assessee @ 30%. Aggrieved, the assessee preferred a rectification application before the CPC u/s 154 of the Act, which elicited no response. Aggrieved, assessee preferred an appeal before the Ld. CIT(A), which was dismissed. Aggrieved, assessee is before us. 5. We have heard both the parties and perused the records. The Ld. DR pointed out that this issue is no longe....
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....fter the due date prescribed for furnishing the return of income, the learned AR placed as upon the decision of coordinate bench of Tribunal in Suminter India Organics Private Ltd vs DCIT, in ITA No. 889/Mum/2022, vide order dated 26/07/2022 for the assessment year 2020-21. From the careful perusal of the aforesaid decision we find that the coordinate bench of the Tribunal held that the time permitted for filing Form 10-IC by virtue of section 3(1)(b) of Taxation and Other Laws (Relaxations and Amendment of Certain Provisions) Act, 2020, must be treated as 31/03/2021, even as the time permitted for filing the income tax return under aforesaid section, in light of the 3rd proviso to section 3(1) of said Act and read with subsequent notificat....
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.... and pointed out that since assessee opted in the ITR by conveying his intention by marking Item number (e) of Part A- General Filing Status for tax payable @ 22% u/s 115BAA of the Act, the assessee could not mark/answer in the other column meant for opting for taxation @ 25% Item Number (d) of Part A-General - Filing Status, wherein response to the point as to "whether total turn-over/gross receipts in the previous year 2018-19 exceeds Rs.400 crore.? Therefore, according to Ld AR, the Ld. CIT(A)'s action of rejecting the aforesaid alternate plea merely on technicality or on the ground of assessee not opting for such a taxation while filing ITR is erroneous because the software does not accept assessee to opt/mark twice, (Item No. (d) & (e)....
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....of tax @ 22% u/s 115BAA as well as 25% tax payable. We find that similar alternate plea was raised before this Tribunal in the case of Bholanath Precision Engineering Pvt. Ltd. v CIT (supra) wherein similar alternate plea was raised, and the Tribunal remanded the matter back to AO to decide the rate of tax as per the applicable provision of law after hearing the assessee by holding as under: "10. The issue arising in ground No. 2, raised in the assessee's appeal, is pertaining to applying the rate of tax @ 25% since the total turnover of the company in financial year 2018-19 is less than Rs. 400 crore. 11. The assessee, vide ground No.2, has raised without prejudice ground that instead of computing the rate of tax @ 30, rate of tax @ 2....